Aroundtown : Q1 2020 Financial Results Presentation

Q1 2020

FINANCIAL RESULTS

PRESENTATION

MAY 2020

Berlin

TABLE OF CONTENTS

HIGHLIGHTS

FINANCIAL RESULTS

OPERATIONS AND PORTFOLIO

APPENDIX

2

Berlin

HIGHLIGHTS

Insignificant impact from Covid-19 on Q1 operational results

MERGER WITH TLG CONCLUDED

REINFORCING THE DEFENSIVENESSOF THE BALANCE SHEET

HIGH LIQUIDITY AND UNENCUMBERED ASSETS

➢€3bncash and liquid assets, 9%of total assets (as of Mar 2020), providing solid financial strength, flexibility and firepower

➢€17bnof unencumbered investment properties (74%of rent) provide additional flexibility and liquidity potential

DEFENSIVE DEBT PROFILE

• Best-in-classdebt profile:

Longaverage debt maturity of 6.4 years

High ICR of4.7x

Lowcost of debt of 1.6%

74% unencumbered ratio (€17bn)

Highinteresting hedging ratio of 95%

Large headroomto covenants and financial policies

HEALTHY CAPITAL STRUCTURE

STRONG PORTFOLIO

• Conservative financial structure maintained:LowLTV of 36%
  Highequity ratio of 50%
  Liquidity is 5times the debt maturing in the next 2 years Strong BBB+credit rating by S&P

• Merger with TLG significantly enhanced the scale and diversification.Focus on strong asset types: offices, logistics and residential make up 68%of the portfolio.
  Focus on stable markets:87% of the asset value in strongest

European (AAA rated) economies: Germany & the Netherlands
High tenant diversificationwith long WALTs, no dependency on a
single tenant or industry	3

Frankfurt

FINANCIAL RESULTS

4

Frankfurt

PROFIT AND LOSS

	1-3/2020		1-3/2019
	in € millions
REVENUE	277.7		207.5
RECURRING LONG-TERM NET RENTAL INCOME	233.4		175.5
PROPERTY REVALUATIONS AND CAPITAL GAINS	318.4		239.9
Share in profit from investment in equity-accounted investees	24.8		91.0
Property operating expenses	(70.4)		(53.2)
EBITDA	537.4		479.7
Finance expenses, net	(45.5)		(33.7)
Other financial results	(86.1)		48.8
Current tax expenses	(24.4)		(12.5)
Deferred tax expenses	(134.7)		(44.9)
PROFIT FOR THE PERIOD	245.7		436.9
Basic earnings per share (in €)	0.14		0.36
Diluted earnings per share (in €)	0.14		0.36

SOLID ORGANIC GROWTH FROM BOH EXTERNAL AND INTERNAL SOURCES

IN-PLACE	TOTAL	OCCUPANCY
RENT	LIKE-FOR-LIKE
L-F-L
L-F-L
+3.7%	+0.5%
+3.2%
Q1 2020	Q1 2020	Q1 2020

Net rental income, recurring long-term* (in €m)

CAGR

2017-Q1 2020

annualized			+13%	1,052
+43%			934
		756
	614
415
2017	2018	2019	Q1 2020	Mar 2020
* Excluding net rent from assets held for sale		annualized	annualized

Net profit (in €m)

1,828

1,709

1,539

437

246

2017

2018

2019

Q1 2019

Q1 2020

5

Frankfurt

ADJUSTED EBITDA

	1-3/2020		1-3/2019
	in € millions
Operating profit	536.4		479.2
Total depreciation and amortization	1.0		0.5
EBITDA	537.4		479.7
Property revaluations, capital gains and other income	(318.4)		(239.9)
Share in profit from investment in equity-accounted investees	(24.8)		(91.0)
One-off expenses related to TLG merger	2.8		-
Other adjustments	(0.5)		(0.7)
ADJUSTED EBITDA COMMERCIAL PORTFOLIO,
196.5		148.1
RECURRING LONG TERM
Adjustment for GCP's and other investments' adjusted EBITDA	40.7		31.5
contribution
ADJUSTED EBITDA	237.2		179.6

ADJUSTED EBITDA (in €m)

CAGR +42%

949

773

606

429

2017

2018

2019

Q1 2020 annualized

Subtracted as these profits include AT's share in non- operational profits generated by the equity accounted investees

Mainly related to adjusted EBITDA of the properties marked for disposal to reflect the long-term recurring Adjusted EBITDA of the commercial portfolio

Due to the nature of its strategic investment in GCP and in other investments, AT includes in its adjusted EBITDA calculation its share in the adjusted EBITDA generated by those investments for the period in accordance with its holding rate over the period.

6

Frankfurt

FFO I & FFO II

	1-3/2020		1-3/2019
	in € millions
ADJUSTED EBITDA COMMERCIAL PORTFOLIO,	196.5		148.1
RECURRING LONG TERM
Finance expenses, net	(45.5)		(33.7)
Current tax expenses	(24.4)		(12.5)
Contribution to minorities	(8.3)		(3.9)
Other adjustments	0.8		1.0
FFO I COMMERCIAL PORTFOLIO, RECURRING LONG TERM	119.1		99.0
Adjustment for GCP's and other investments' FFO I contribution	28.3		19.1
FFO I	147.4		118.1
FFO I PER SHARE (IN €)	0.114		0.105
FFO I per share after perpetual notes attribution (in €)	0.098		0.095
Result from disposal of properties	22.3		43.0
FFO II	169.7		161.1

FFO I & FFO II (in €m)

FFO I

FFO II CAGR

FFO I +36%

	814	22*	*Q1 results,
		not annualized
575	590	590
	503

406

293 339

2017

2018

2019

Q1 2020 annualized

FFO I per shareFFO I PER SHARE (in €)

FFO I per share after perpetual

CAGR
FFO I				0.46
per share		0.38	0.43
+12%	0.39	0.39
	0.36
	0.34
	0.32

2017	2018	2019	Q1 2020
			annualized

FFO I yield	€55m	68%
Q1 2020	margin over
9.5%1)
disposals	total costs

1) Based on a share price of €4.84

7

Frankfurt

TOTAL ASSETS

	Total Assets (in €bn)
CAGR
+46%	32.3
	25.4

19.0

13.8

Dec 2017

Dec 2018

Dec 2019

Mar 2020

Investment Property (in €bn)

CAGR
+47%	23.2

18.1

14.2

9.8

Dec 2017

Dec 2018

Dec 2019

Mar 2020

8

Frankfurt

EPRA NAV

	Mar 2020		Dec 2019
	in € millions	Per share		in € millions	Per share
NAV PER THE FINANCIAL STATEMENTS	16,248.0			13,378.9
Equity attributable to perpetual notes investors	(3,109.1)			(2,484.0)
NAV EXCLUDING PERPETUAL NOTES	13,138.9			10,894.9
Fair value of derivative financial instruments	24.6			(71.6)
Deferred tax liabilities	1,973.8			1,119.5
NAV	15,137.3	€11.0		11,942.8	€9.8
Non-controlling interests	(1,991.5)			(1,309.4)
Adjustment for TLG (deducting goodwill and others)1)	(1,008.5)			-
EPRA NAV	12,137.3	€8.8		10,633.4	€8.7
Equity attributable to perpetual notes investors	3,109.1			2,484.0
EPRA NAV INCLUDING PERPETUAL NOTES	15,246.4	€11.0		13,117.4	€10.7
Number of shares (in millions)2)
1,380.5	1,224.9

1. Deducting goodwill resulting from TLG combination and minority share in TLG's deferred tax liabilities and derivative financial instruments
2. Excluding suspended voting rights and including the conversion impact of mandatory convertible notes, base for share KPI calculations

	NAV	EPRA NAV	EPRA NAV	EPRA NNNAV
	including
in € millions unless otherwise indicated			perpetual notes
Mar 2020	15,137.3	12,137.3	15,246.4	11,886.5
Mar 2020 per share (in €)	11.0	8.8	11.0	8.6
Per share growth	+12%	+1%	+3%	+4%
Number of shares (in millions, Mar 2020) 1)		1,380.5
Dec 2019	11,942.8	10,633.4	13,117.4	10,139.3
Dec 2019 per share (in €)	9.8	8.7	10.7	8.3

1) Excluding suspended voting rights and including the conversion impact of mandatory convertible notes, base for share KPI calculations

EPRA NAV (in €m)

CAGR

EPRA NAV

incl. perpetual notes

+36%	15,246
	13,117
	12,137

10,290 10,633

8,742

7,656

6,483

Dec 2017	Dec 2018		Dec 2019	Mar 2020
		EPRA NAV			EPRA NAV incl. perpetual notes

CAGR	EPRA NAV per share (in €)
EPRA NAV
incl. perpetual notes			11.0
+18%		10.7
	9.1	8.7	8.8

7.6 7.7

6.5

Dec 2017	Dec 2018	Dec 2019	Mar 2020
EPRA NAV per share	EPRA NAV incl. perpetual notes per share	9

Frankfurt

CONSERVATIVE CAPITAL STRUCTURE

DEBT MATURITY PROFILE

STRONG DEBT AND HEDGING PROFILE

Millions

1200

																						Debt maturity
1000
																					6.4 years average
800																						maturity
																93%	2%
600																	Cost of debt
																			5%
400																					1.6% Ø
																					cost of debt
200																			fixed, swapped
																			cap		95%
0																			variable
																						hedged
2020	2021	2022	2023	2024	2025	2026	2027		2028	2029	2030	2031	2032	2033	>2034
							Straight bond	Bank debt

	LOAN-TO-VALUE	CONSISTENTLY STRONG ICR	FINANCING SOURCES MIX	UNENCUMBERED ASSETS
	Company BOD limit of 45%		Straight bonds				in % by rent		by value
			4.7	4.7	Loans &	37%	39%	36%			€16.6bn
										€14.2bn
					borrowings				81%
					Equity	6%	4%	8%		74%
36%			36%					72%	€10.2bn
35%
34%
						57%	56%
					Mandatory	58%
					Convertible Bonds

						Perpetual notes
Dec 2017	Dec 2018	Dec 2019	Mar 2020	Q1 2019	Q1 2020	Dec 2018 Dec 2019 Mar 2020	Dec 2018 Dec 2019 Mar 2020

Dec 2018 Dec 2019 Mar 2020

10

Frankfurt

AROUNDTOWN BOND COVENANTS

• Each of the bond covenants is met with a significant headroom. Internal financial policy is set at stricter levels
• ECB eligibility: Bonds issued under the EMTN Programme (Listed in the EU)*
• The bonds are unsecured and have the below covenant package:

Overview of Covenant Package

Covenant Type	EMTN programme covenants	Covenant level as of March 31, 2020

1		Limitation on Debt	✓
		Total Debt / Total Assets	<=60%(1)	✓33%
2		Limitation on Secured Debt	✓
		Secured Debt / Total Assets	<=45%(2)	✓-4%(cash balance>secured debt balance)
3		Maintenance of Unencumbered Assets	✓
		Unencumbered Assets/Unsecured Debt	>= 125%(3)	✓288%
4		Maintenance of Coverage Ratio	✓
		Adjusted EBITDA / Net Cash Interest	>=1.8x	✓5.2x
5		Change of Control Protection	✓
Notes: 1)	Total Net Debt / Total Net Assets

• 1. Secured Net Debt / Total Assets
  2. Net Unencumbered Assets / Net Unsecured Indebtedness
• Excluding the NOK & HKD issuances

11

Frankfurt

OPERATIONS AND

PORTFOLIO

12

Frankfurt

HIGHLY DIVERSIFIED OVERVIEW PROVIDES STABILITY

STRONG DIVERSIFICATION AMONG ASSET CLASSES WITH DIFFERENT FUNDAMENTAL DRIVERS

The largest type is office and together with Logistics/Wholesale and Residential, it makes up 68% of the Group portfolio

87% of the portfolio is located in the strongest economies in Europe: Germany and the Netherlands, both AAA rated Focus is on central locations of top tier cities. Top 3 cities are Berlin, Munich and Frankfurt

Within each asset class, the Group focuses on a very high tenant diversification with no tenant dependency

Long WALT of 8.1 years. Each location has different key demand

drivers - supporting industry diversification of tenants

13

Hamburg	* Including proportion in GCP and development rights & invest

DEFENSIVE PORTFOLIO WITH STRONG TENANT STRUCTURE

LargeTenantBasewithover4,000tenants

• Collection rate in April 2020 excl. hotels 90%

➢Limited dependency on single tenants due to large tenant base of over 4,000 tenants, further supported by highly granular German residential market

• Top 10 tenants represent 20% of rent

➢Long lease terms

➢Portfolio WALT as of March 2020:

				Logistics/
Office		Hotel		Wholesale		Retail		Total
				/Other
4.5		15.4		7.1		5.2		8.1

The merger with TLG puts the combined company in a stronger landlord position in key cities such as Berlin and Frankfurt due to larger footprint

14

OFFICE PORTFOLIO

WELL LOCATED OFFICES IN TOP TIER CITIES MAINLY IN

GERMANY AND THE NETHERLANDS

Well-diversified with no dependency on a single location (Top 3 cities are Berlin, Frankfurt, Munich)

Strong tenant base with well-diversified industry sectors.

Top industries are Governmental, Insurance & Banking, IT,

Health Care, Energy, Infrastructure, Telecommunications,

Professional services etc.

Largest office tenant segment is public sector (22%)

Insignificant amount of coworking tenants (less than 1%)

Diverse tenant base with strong top tenants, such as

German and Dutch Government, Deutsche Bundesbank,

Siemens, Deutsche Bahn, Orange, Allianz etc.

Diversified lease structure with long WALT of 4.5 years

15

Cologne

OFFICE PORTFOLIO AND RESIDENTIAL PORTFOLIO

Hotel 23%

Logistics/

Wholesale Retail 9%

/Other 7%

OFFICE 49%

4.5y WALT

RESIDENTIAL 12%

9y average tenancy length

GERMANY & NL: Berlin (26%), Frankfurt (15%), Munich (14%)

Over 92% collection rate in April 2020 so far

High diversification of tenants and tenant industries

Limited amount of tenants with high sensitivity to the Covid-19

GERMANY: NRW (21%), Berlin (24%), Dresden/Leipzig/Halle (13%)

• and London (15%)

Over 95% collection rate in April 2020

German residential: the most resilient asset type in Europe

Insulated to current market disruption

Granular tenant base

16

Munich

RETAIL & LOGISTICS/WHOLESALE PROPERTIES

Residential

12%

Office 49%

Hotel 23%

RETAIL 9%

5y WALT

LOGISTICS/WHOLESALE 7%

7y WALT

80% collection rate in April 2020 so far

Majority of the portfolio is essential goods - Grocery-

anchored, pharmacies, drugstores, banks, DIY

Grocery-anchored at mainly long-leased retail boxes in locations with limited competition such as EDEKA, NETTO,

REWE, PENNY, LIDL and Kaufland

100% collection rate in April 2020 so far

Mainly last-mile properties, resilient during the current disruption

17

Berlin

HOTEL PORTFOLIO

WELL-DISTRIBUTED HOTEL PORTFOLIO ACROSS EUROPE WITH A FOCUS ON

THE 4 STAR CATEGORY

Hotel portfolio consisting of 23% of the total portfolio including 176 hotels well-distributed mainly in top tier cities in Europe

The rental agreements are double or triple net, fixed plus CPI linked and have no variable component in the lease. The lease agreements are fixed. Lease periods are long-term (up to 25 years). WALT of hotels is 15.4 years Lease agreements include set of strong securities, ranging from bank

guarantee, parent guarantee, pledge over bank accounts, pledge over FF&E,

and more

84% of the hotels are branded 4 star hotels, benefiting from the largest diverse market segment, including business and leisure

In case of longer term travel halt, option to convert hotels into micro apartments which have been resistant to the current environment

18

Berlin

HOTEL PORTFOLIO

	Retail 9% Logistics/
Residential	Wholesale
/Other 7%
12%

Office 49%

HOTELS 23%

15y WALT

Focus on top tier

locations will

provide relatively

faster recovery

potential

GERMANY & UK & NL

176 Hotels

Fixed long term leases to >30 different third party hotel operators

Q1 results: Limited impact from Covid-19 on collection rate

Q2 : Challenging for the hotel industry due to lockdown and travel ban Discussions with tenants to assist them through challenging times Vast majority of rent has been deferred in April, delayed but not reduced. Interest on delayed amount is 5-8%

19

Berlin

HOTELS - CURRENT STAGE

HOTELS COUNTRY BREAKDOWN BY RENT

AND SHUTDOWN RESTRICTION LIFTED

CURRENT STAGE OF RE-OPENING

Did not close: 20 hotels (9% of rent)

Opened in May: 35 hotels (20% of rent)

Mostly opening	Germany 50%	Open by end of May	As of end of May: 75 hotels (50% of rent)
by May-June		Currently announced hotel openings in June is 66% by rent.
	others 7%
					Potentially more re-openings in June
	UK				Share of domestic travel
				Domestic demand is largest in Germany (over 80%), UK
Partially to	23%				in % of total travel
			(over 80%) and Netherlands (over 60%) providing
open in May
						indication of fast recovery of hotel market when the
Remaining to			Netherlands		85%
	France	Open since May 20th	81%		shutdown in these countries is lifted
open June-Aug		3%Belgium	11%
		6%				61%	58%	57%
			Open since May/June			53%
									47%
Open by mid-July							42%
									31%

Limburg (Belgium)	Source: OECD, last data available. Tourism Economics, STR	20

TENANTS AND BRANDS

Hilton group	Marriott group	Wyndham Brands

Radisson brands		IHG brand		Accor group

Fixed of 10-25 years (WALT of 15 years) leases to over 30 different strong third party hotel operators, operating with high profitability for many years

No dependency on any single tenant.

Center Parcs (CP) is the largest tenant with 5% of the group's rental

income (19% of AT's hotel income).

AT's CP assets are opening May/June. These assets are expected to have a fast recovery. The catchement area of Benelux parcs is 21 million people and this segment is relatively resilient to the crisis and international travel ban

21

Frankfurt

AROUNDTOWN IS WELL-PREPARED FOR EVERY STEP OF THE CYCLE

STAGES	PREPAREDNESS
THREAT FOR TENANTS		RISK MITIGATION
Long-term shutdown		High liquidity to contain the impact, healthy balance sheet, high flexibility & large headroom
Unable to work at full-capacity		Well-diversified portfolio: Offices, residential, essential retail and logistics are resilient to the
		current environment

OPPORTUNITY

Pressure on market players due to liquidity

M&A opportunities with attractive pricing

RECOVERY

Re-openings with restrictions

"Bounce-backability" factor

CAPABILITIES

Massive cash balance to enable swift acquisition when attractive opportunities arise

Unique competitive advantage from wide deal sourcing network and fast deal execution

track record

FUNDAMENTALS

Diversified into several asset types, and within that several industries - when one factor

is unfavourable, AT can tap into others

No tenant or single industry dependency

22

Frankfurt

APPENDIX

23

Rotterdam

COMMERCIAL INVESTMENT PROPERTIES

Portfolio breakdown per asset type*

MARCH 2020	Investment	Lettable area	EPRA Vacancy	Annualized	In-place rent/sqm (€)	Value/sqm (€)	Rental Yield
property (€m)	(m sqm)	net rent (€m)
Office	11,751	4,116	9.6%	516	10.9	2,855	4.4%
Hotel	6,126	1,922	3.6%	321	14.2	3,187	5.2%
Retail	2,333	1,137	6.9%	137	10.5	2,051	5.9%
Logistics/Wholesale/Other	1,425	1,530	5.9%	78	4.5	931	5.5%
Development rights & invest	1,521
Total	23,156	8,705	7.2%	1,052	10.5	2,485	4.9%

Portfolio breakdown per region*

MARCH 2020	Investment	Lettable area	EPRA Vacancy	Annualized	In-place rent/sqm (€)	Value/sqm (€)	Rental Yield
property (€m)	(m sqm)	net rent (€m)
Berlin	4,948	1,361	4.4%	187	11.9	3,636	3.8%
NRW	2,160	1,231	8.0%	116	8.0	1,755	5.4%
Frankfurt	1,992	629	14.3%	82	11.9	3,164	4.1%
Munich	1,838	610	11.0%	56	7.8	3,016	3.0%
Dresden/Leipzig/Halle	1,189	625	4.9%	70	9.5	1,902	5.9%
Amsterdam	758	192	4.0%	33	14.1	3,947	4.4%
London	677	105	10.1%	29	25.8	6,443	4.3%
Hamburg/LH	652	309	4.8%	35	9.7	2,111	5.4%
Wiesbaden/Mainz/Mannheim	512	221	5.5%	31	11.6	2,320	6.0%
Stuttgart/BB	428	188	3.0%	25	11.0	2,282	5.8%
Hannover	412	270	8.7%	24	8.1	1,528	5.8%
Utrecht	347	135	13.7%	18	11.4	2,564	5.2%
Rotterdam	326	132	4.4%	23	13.9	2,468	6.9%
Other	5,396	2,697	6.9%	323	10.5	2,000	6.0%
Development rights & invest	1,521
Total	23,156	8,705	7.2%	1,052	10.5	2,485	4.9%	24
* figures exclude assets held for sale

BEST IN CLASS BERLIN PORTFOLIO - MARCH 2020

88%

Top Tier

• 88% of the commercial portfolio is located in top tier neighborhoods

• Charlottenburg, Wilmersdorf, Mitte, Kreuzberg, Friedrichshain, Lichtenberg, Schöneberg, Neukölln, Steglitz and Potsdam
• Strongly benefiting from the unique dynamics & growth of Berlin's most in demand neighborhoods, business areas & tourist centers

• 12% of the commercial portfolio is well located primarily in Spandau, Reinickendorf, Hellersdorf/Marzahn & Treptow/Köpenick

Map representing approx. 95% of the portfolio and 98% incl. central Potsdam

Mitte

Potsdamer Platz

Mitte

Alexanderplatz

Ku'Damm

25

Rotterdam

COMMERCIAL PORTFOLIO: UPSIDE POTENTIAL

Commercial in-place rent compared to market rent prices

	20%		below market
		rent
80%			at market rent

Commercial March 2020 annualized rental income vs. Market potential including vacancy reduction (in €m)

+25%

1,315

1,052

Mar 2020 annualized	Annualized market
	potential*

• • As of March 2020 incl. TLG,pre-Corona effect
• Large upside potential from rent increases to market levels with very limited downside risk
• Long lease terms with a WALT of 8.1 years
• Value upside: conservative valuations with current values at less than half of replacement costs

26

Rotterdam

STRATEGIC TOP TIER HOTELS IN STRONG LOCATIONS WITH FASTER RECOVERY POTENTIAL

	Hotel				Rooms		Brand
	Hilton Berlin Gendarmenmarkt Prime Center		601
	Bristol Berlin Ku'damm Prime Center (ex-Kempinski)		301
	InterContinental Frankfurt Prime Center			473
	Hilton London Hyde Park Prime Center			132
	Marriott Conference Hotel Paris City Center		757
	Hotel	Rooms	Brand		Hotel	Rooms		Brand
	Crowne Plaza Berlin Prime Center Potsdamer Platz	256			Mark Apart Berlin Prime Center Ku'damm	120
	Die Welle H-Hotels Berlin Alexanderplatz	624			Motel One Zwinger-Forum Dresden Prime Center	288
	Novum Winters Berlin Checkpoint Charlie	170			InterCity Hotel Dresden City Center	162
	Steigenberger Hotel de Saxe Dresden Prime Center	185			Marriott Hotel Leipzig Prime Center	239
	AC by Marriott Berlin Mitte	130			Schlosshotel Grunewald Charlottenburg Berlin	54
	Moxy by Marriott Berlin Mitte	101			Radison Blu Prime Center Baden-Baden	162
	Davos Promenade Hotel	100			Mercure Munich Conference Center Messe	167
	Ex-Sheraton Brussels Prime Center	533			Ibis Munich Conference Center Messe	137
	Sheraton Rome	640			Center Parcs (7 locations)	ca.5,000
	Hilton London Chelsea	172			Berlin Prime Center Mitte Rosa-Luxemburg-Platz	95
	Hilton Edinburgh Royal Mall Prime Center	211			Seminaris Campus Hotel Berlin	186
	Hilton Dublin Prime Center	324			Wyndham Garden Düsseldorf Prime Center Königsallee	82
	Resorthotel Schwielowsee Berlin- Potsdam	155			Hotel Im Wasserturm Cologne Prime Center	88
	DoubleTree by Hilton London Center Angel/King's-Cross	373			Ibis Berlin Alexanderplatz	61
	Hyatt Regency Paris Airport Charles de Gaulle	388			Melia Munich Hotel Munich Messe	134
	Berlin Holiday Inn City East	473			Penta Hotels (17 locations)	ca. 2,500
	Essen Holiday Inn Prime City Center	168			Mercure Liverpool Prime Center Hotel	225
	Sheraton Hotel Hannover Business District	147			Berlin - Müggelsee	176
	NH Hotel Dortmund Prime Center	190			Manchester City Center Hotel	228					27
	Steigenberger Hotel Cologne Prime Center	305

HIGHEST RATED IN GERMAN COMMERCIAL REAL ESTATE

Financial risk profile

1	2	3	4	5	6
Minim	Modest	Intermediate	Significant	Aggre	High
al				ssive	Levera
					ged

profile	1	aaa/	aa		a+/a	a-	bbb	bbb-
Excellent	aa+		/bb+
2	aa/		(Klepierre)	(Aroundtown)	(Vonovia- BBB+)2)
a+/a	(DW) A-	BBB+ (GCP)	BBB	bb+	bb
Strong	aa-
risk				(Gecina A-)1)(Icade)(Covivio)
3	a/a-	bbb+	BBB/BBB-	bbb-/bb+	bb	b+
Business	Satisfactory
	(Alstria BBB)3)
4	bbb/	bbb-		bb+	bb	bb-	b
Fair	bbb-
5	bb+	bb+		bb	bb-	b+	b/b-
Weak
	Vulnerable	bb-	bb-		bb-	b+	b	b-

1. Rating anchor of Gecina is BBB+, their final rating after the effect of modifiers is A-
2. Rating anchor of Vonovia is BBB, their final rating after the effect of modifiers is BBB+
3. Rating anchor of alstria is BBB+, their final rating after the effect of modifiers is BBB

'BBB+' Investment Grade rating from S&P

	S&P	S&P	Long-term
S&P	BBB+	target
BBB
BBB-	Dec '17	A
Dec '15	Jun '16

Financial policy:

Strive to achieve A global rating in the long term

LTV limit at 45%

Debt to debt-plus-equity ratio at 45% (or lower) on a sustainable basis

Maintaining conservative financial ratios with strong ICR

Unencumbered assets above 50% of total assets

Long debt maturity profile

Good mix of long term unsecured bonds & non- recourse bank loans

Dividend distribution of 65% of FFO I per share

28

Rotterdam

EQUITY ANALYST RESEARCH COVERAGE

11.00

10.81

10.00

Analyst Research Target Price

9.80 9.509.25 9.00

8.80 8.508.408.30 8.30

7.75 7.40

6.52 6.506.405.90

4.60

HSBC	Citigroup	First Berlin	Commerzbank	SRC Research	Baader Bank	Hauck &	M.M. Warburg	JP Morgan	Oddo BHF	Deutsche Bank	UBS	Kepler	Berenberg	Jefferies	Barclays	Bankhaus Lampe Goldman Sachs	Nord LB
13.01.2020	18.03.2020	06.04.2020	18.03.2020	24.03.2020	18.12.2019	Aufhäuser	19.11.2019	31.03.2020	27.03.2020	02.09.2019	26.03.2020	Cheuvreux	04.05.2020	12.05.2020	15.04.2020	29.04.2020	03.04.2020	31.03.2020
						30.04.2020						31.03.2020

Analyst Coverage		-MSCI ACWI		Key Index Inclusions
	-MSCI World
		-MSCI Germany
	DAX	MDAX	MSCI	FTSE	FTSE
	EPRA/	Eurofirst
	50 ESG

NAREIT	300

-Global Developed -Europe Developed -Eurozone-Germany

S&P	STOXX	GPR	GPR	GPR
350	600	ESG+	250	IPCM LFFS
Sustainable GRES

29

Rotterdam

AROUNDTOWN'S SHARE PRICE PERFORMANCE

9.0

8.0

Share performance and total return since initial placement of capital (13.7.2015)

Aroundtown is the best performer in 2017/2018 amongst European real Estate

7.0		Aroundtown +68%
		EPRA Germany (rebased) +74%
6.0
			MDAX	+24%
5.0	Issue price of €3.20	(rebased)
4.0
		Stoxx 600	+4%
3.0		(rebased)
2.0
Jul-15Sep-15Nov-15Jan-16Mar-16May-16Jul-16	Sep-16Nov-16Jan-17Mar-17May-17Jul-17Sep-17Nov-17Jan-18Mar-18May-18Jul-18Sep-18Nov-18Jan-19Mar-19May-19Jul-19Sep-19Nov-19Jan-20Mar-20May-20

The Share

Shareholder Structure

Share Issue Price Development

Placement	Frankfurt Stock Exchange
(Prime Standard)
									€8.5	€8.8
Incorporation	Luxembourg	Free float							€7.2
		78.4%						€6.4
						€6.0			€2.8bn
	13.07.2015
First equity issuance						€5.3
(€3.2 per share)					€4.6
				€4.1
Number of shares (basic)	1,536,397,797		€3.2	€3.2			€606m	€601m
			€320m	€389m		€426m	€450m
Number of shares (basic), excl.			€267m	€225m
			€300m
suspended voting rights, base	1,352,461,660		Shares held in
for share KPI calculations			treasury*
Free float	78.4%		12%	Apr 2015 Apr 2016 May 2017	Dec 2017 Oct 2017 Mar 2018	Jul 2019	Mar 2020 Feb 2020
	Jul 2015
				Convertible			Convertible				TLG Merger
Symbol (Xetra)	AT1	of which	Avisco Group	(converted in			(fully
Blackrock Inc.	2017 &			converted in
	€7.4 bn	5.1%	9.6%	2018)			2018)
Market cap 26.05.2020									30
(€4.8 share price)
	*held through TLG Immobilien AG, voting rights suspended

CAPITAL MARKET ACTIVITY

Capital market activity per year

				€4.2bn	€4.2bn	€4.6bn
			€2.6bn				€3.0bn
€1.2bn
2015		2016	2017	2018	2019	2020 YTD
Equity		Perpetual		Conv. Bond
Str. Bond		Mandatory conv. Notes	Total

• AT has been the largest listed European RE capital market issuer in 2016, 2017 and 2019
• Issuances via different instruments and different currencies, with currency hedges to Euro in place, demonstrate AT's broad and diverse investor base as well as strong demand to AT's instruments. These not only provide diversification of the investor base but also eliminate dependency on any single markets, instruments or currencies. Currency risk is hedged through swap agreements to Euro. Majority of the issuances were under EMTN programme which facilitates this diversity and flexibility

Capital market activity per issuance type 2015-2020 YTD

Str.		€10bn
Bond
Conv.	€0.8bn
Bond
Equity	€6.2bn	€2.6bn	€0.2bn
	Equity (incl. Conversions)	Perpetual notes	Mandatory conv. Notes

Equity and Bond Bookrunners

31

BOARD OF DIRECTORS

FRANK ROSEEN - DIRECTOR

HIGHLY EXPERIENCED WITH A TRACK RECORD OF 30 YEARS. HELD VARIOUS SENIOR MANAGEMENT POSITIONS, INCLUDING, CEO OF GERMANY & CENTRAL EASTERN EUROPE OF GE CAPITAL AND REAL ESTATE. MBA

OSCHRIE MASSATSCHI- DIRECTOR

SINCE 2013 IN THE MANAGEMENT OF AROUNDTOWN AND ITS SUBSIDIARIES. INTERNATIONAL PROFESSIONAL EXPERIENCE IN BANKING, MANAGEMENT CONSULTANCY AND CORPORATE FINANCE IN AUSTRALIA, UK AND GERMANY. BA HONOURS IN INTERNATIONAL BUSINESS

JELENA AFXENTIOU - DIRECTOR

SINCE 2011 IN THE MANAGEMENT OF AROUNDTOWN AND ITS SUBSIDIARIES AND HAS 20 YEAR OF EXPERIENCE IN THE REAL ESTATE AND THE HOTEL BUSINESS, SPECIALIZING IN FINANCE AND ACCOUNTING.

RAN LAUFER - NON-EXECUTIVE DIRECTOR

FORMER POSITIONS INCLUDE CEO OF ADO PROPERTIES, DEPUTY CEO OF GRAND CITY PROPERTIES S.A. AND CHIEF OFFICER OF MARKETING AND SALES OF AIRPORT CITY LTD.

MBA

ADVISORY BOARD

DR. GERHARD CROMME - CHAIRMAN OF THE ADVISORY BOARD

DR. CROMME HAS A LONG AND IMPRESSIVE TRACK RECORD WITH TOP POSITIONS IN GERMANY'S BLUE CHIP COMPANIES, INCLUDING CHAIRMAN OF THE SUPERVISORY BOARD OF SIEMENS, CHAIRMAN OF THE EXECUTIVE BOARD AND CHAIRMAN OF THE SUPERVISORY BOARD OF THYSSENKRUPP, AS WELL AS MEMBERSHIP ON THE SUPERVISORY BOARDS OF OTHER LEADING COMPANIES SUCH AS VOLKSWAGEN, LUFTHANSA, ALLIANZ, BNP PARIBAS, E.ON AND AXEL SPRINGER AND CURRENTLY CO-CHAIRMAN OF THE SUPERVISORY BOARD OF ODDO BHF GROUP. IN ADDITION, DR. CROMME HOLDS THE GERMAN DISTINCTION COMMANDER'S CROSS OF THE ORDER OF MERIT AND THE FRENCH DISTINCTION GRAND OFFICER OF THE LEGION OF HONOR.

YAKIR GABAY - ADVISORY BOARD

DEPUTY CHAIRMAN FOUNDER OF THE GROUP IN 2004. WAS PREVIOUSLY THE CHAIRMAN & MANAGING PARTNER OF AN INVESTMENT COMPANY WHICH MANAGED OVER $30 BILLION OF ASSETS, AND BEFORE THAT THE CEO OF THE INVESTMENT BANKING OF BANK LEUMI. MBA, BA IN ACCOUNTING/ECONOMICS, AND CPA

MARKUS LEININGER- INDEPENDENT DIRECTOR

FORMER SENIOR BANKER WITH A FOCUS ON FINANCING, PRIVATE EQUITY AND REAL ESTATE. SERVED AS HEAD OF OPERATIONS WITH EUROHYPO AG AND RHEINHYP AG (COMMERZBANK) AND A MEMBER OF THE ADVISORY BOARD AND INVESTMENT COMMITTEE OF REVETAS CAPITAL ADVISORS. DIPLOMA IN B.A.

SIMONE RUNGE-BRANDNER - INDEPENDENT DIRECTOR

HER PAST POSITIONS INCLUDE DEAL MANAGER (DIRECTOR) AT UBS DEUTSCHLAND AG, VICE PRESIDENT REAL ESTATE FINANCE/ INVESTMENT FUNDS, CREDIT MANAGER AT DEKABANK FRANKFURT AND CREDIT MANAGER REAL ESTATE FINANCE AT HELABA FRANKFURT. DIPLOMA IN INTERNATIONAL BUSINESS ADMINISTRATION

MARKUS KREUTER - INDEPENDENT DIRECTOR

SPECIALIZED IN REAL ESTATE DEBT ADVISORY THROUGH HIS OVER 18 YEARS OF EXPERIENCE IN AMONG OTHERS NATIONAL DIRECTOR DEBT ADVISORY AT JLL, HEAD OF GERMAN COMMERCIAL REAL ESTATE LENDING AT DEUTSCHE BANK, GROUP HEAD OF DEBT FUNDING AT CA IMMO. DEGREE IN REAL ESTATE ECONOMICS

THE AUDIT COMMITTEE CONSISTS OF THE INDEPENDENT DIRECTORS,

MR. MARKUS KREUTER (CHAIRMAN) AND MR. MARKUS LEININGER

CLAUDIO JARCZYK- ADVISORY BOARD MEMBER

JOINED THE GROUP'S ADVISORY BOARD SINCE 2013. SERVED AS AN EXECUTIVE DIRECTOR AT BERLINHYP BANK SPECIALIZING IN REAL ESTATE FINANCING WITH A FOCUS ON INTERNATIONAL CLIENTS, AS A CHIEF INTERNATIONAL EXECUTIVE AT LANDESBANK BERLIN AND AS AN INTERNATIONAL DIVISION-DEPARTMENT MANAGER AT BAYERISCHE VEREINSBANK MUNICH. DIPL.KFM. / MBA

DAVID MAIMON- ADVISORY BOARD MEMBER

MR. MAIMON WAS THE PRESIDENT AND CEO OF EL AL AIRLINES. PRIOR, MR. MAIMON WAS EVP OF CUSTOMER SERVICE, COMMERCE & INDUSTRY AFFAIRS SALES & MARKETING IN EL AL AIRLINES AND SERVED AS A DIRECTOR IN VARIOUS COMMERCIAL COMPANIES SUCH AS LEUMI GEMEL LTD, HEVER AND SUN D'OR INTERNATIONAL AIRLINES. MBA

32

Rotterdam

MANAGEMENT TEAM

SHMUEL MAYO - CEO

SINCE 2006 IN THE MANAGEMENT OF AROUNDTOWN AND ITS SUBSIDIARIES. PREVIOUSLY, WAS THE CEO OF A LEADING INTERNATIONAL INVESTMENT CONGLOMERATE. BA IN ECONOMICS AND ACCOUNTING, LAW AND CPA

EYAL BEN DAVID - CFO

SINCE 2008 IN THE MANAGEMENT OF AROUNDTOWN AND ITS SUBSIDIARIES. PREVIOUSLY, HELD A PRIVATE PRACTICE OF CERTIFIED PUBLIC ACCOUNTANTS FOCUSED ON INFRASTRUCTURE AND REAL ESTATE INDUSTRIES. SINCE 2008 IN THE MANAGEMENT OF AROUNDTOWN. MBA AND CPA

ANDREW WALLIS - DEPUTY CEO

SINCE 2014 IN THE MANAGEMENT OF AROUNDTOWN AND ITS SUBSIDIARIES. FORMER OWNER AND CEO OF A LARGE GERMAN PROPERTY MANAGEMENT COMPANY. PREVIOUSLY HE SPENT 10 YEARS AS AN INVESTMENT BANKER IN THE CITY OF LONDON FOR MERRILL LYNCH AND JP MORGAN. MBA AND CFA

MILAN ARANDELOVIC - COO OF HOTEL DIVISION

MR ARANDELOVIC HAS 25 YEARS OF EXPERIENCE IN THE INTERNATIONAL HOSPITALITY SECTOR; BEFORE JOINING THE GROUP, HE HELD REGIONAL ROLES WITHIN HILTON IN EUROPE. IN THIS ROLE HE OPERATED HOTELS FROM BUDGET SECTOR TO LUXURY. MR. ARANDELOVIC HOLDS A BACHELOR FROM THE RENOWNED ECOLE HOTELIERE DE LAUSANNE AND AN MSC OF STRATHCLYDE UNIVERSITY.

BRIGITTE SCHMITT - HEAD OF SHOPPING MALL DIVISION

BEFORE JOINING THE GROUP MRS. SCHMITT HAS BEEN 12 YEARS WITH ECE - EUROPEAN MARKET LEADER FOR SHOPPING CENTERS AND WITH DTZ WHERE HER TEAM WAS TWICE AWARDED THE CEE PROPERTY MANAGEMENT TEAM OF THE YEAR AWARD. DEGREE IN BUSINESS MANAGEMENT

AND ADMINISTRATION - FROM THE UNIVERSITY OF WÜRZBURG.

JELENA EBNER - HEAD OF TRANSACTION MANAGEMENT

MS. EBNER WORKED FOR HUDSON ADVISORS AND LATER AT DUNDEE INTERNATIONAL AS AN ASSET MANAGER. COMING FROM A PROPERTY MANAGEMENT BACKGROUND, JELENA HAS EXPERIENCE IN ALL ASSET TYPES. BA AND TRAINING AS REAL ESTATE MANAGER

GUIDO PÜTZ - SENIOR ASSET MANAGER

ORIGINALLY TRAINED AT HOCHTIEF AG, GUIDO HAS SPENT THE LAST 15 YEARS STEERING REAL ESTATE OF ALL ASSET TYPES FOR BIG PLAYERS IN THE MARKET SUCH AS HUDSON ADVISORS, CUSHMAN & WAKEFIELD AND CATELLA. MBA

MARKUS NEURAUTER - HEAD OF COMMERCIAL OPERATIONS

BEFORE JOINING THE GROUP HE WAS A BOARD MEMBER OF STRABAG AG AND CEO OF RAIFFEISEN EVOLUTION, RESPONSIBLE FOR PROJECT DEVELOPMENT IN 11 EUROPEAN COUNTRIES WITH A DEVELOPMENT VOLUME OF MORE THAN €2BN. MR. NEURAUTER COVERS MORE THAN 30 YEARS OF EXPERIENCE IN REAL ESTATE. MASTERS DEGREE IN ECONOMICS

NIKOLAI WALTER- HEAD OF ASSET & PROPERTY MANAGEMENT

20 YEARS' EXPERIENCE IN THE REAL ESTATE INDUSTRY. BEFORE JOINING THE GROUP, WAS A

MANAGING DIRECTOR OF FORTRESS INVESTMENT GROUP, RESPONSIBLE FOR THE ASSET MANAGEMENT OF THE GERMAN COMMERCIAL WITH A MARKET VALUE OF € 5.6 BN. ALSO HELD POSITIONS AT DEUTSCHE BANK GROUP INCLUDING HEAD OF ASSET MANAGEMENT GERMANY AT DEUTSCHE ASSET AND WEALTH MANAGEMENT. MBA AND DEGREE IN REAL ESTATE ECONOMICS

ALFRED KANDL - HEAD OF CONSTRUCTION MANAGEMENT

MR KANDL HAS 35 YEARS OF EXPERIENCE IN THE REAL ESTATE AND BUILDING INDUSTRY. HE WORKED IN STRABAG AG, ONE OF AUSTRIA'S LEADING BUILDING COMPANIES, AND FURTHER WORKED IN CONTROLLING POSITIONS AT LARGE CONSTRUCTION SITES ALL OVER AUSTRIA AND CENTRAL AND EASTERN EUROPE. FROM 2003 WORKED AS HEAD OF CONSTRUCTION AT RAIFFEISEN EVOLUTION. DEGREE IN ENGINEERING

NORMAN LINDNER - HEAD OF INDUSTRIAL & LOGISTICS DIVISION

ORIGINALLY TRAINED AS A BANKER, NORMAN SPENT TWO YEARS IN RISK MANAGEMENT BEFORE GOING INTO CONTROLLING, FINANCE AND ACCOUNTING AS AN ASSET MANAGER. HE GAINED HIS EXPERIENCE AT HABACKER HOLDING, DAWNAY DAY PROPERTY INVESTMENT AND IKB DEUTSCHE INDUSTRIEBANK. MBA

CHRISTIAN HUPFER - CHIEF COMPLIANCE OFFICER

SINCE 2008 IN THE MANAGEMENT OF AROUNDTOWN AND ITS SUBSIDIARIES. IS SPECIALIZED IN TAX STRUCTURING, FINANCIAL STATEMENT AND CASH FLOW ANALYSIS. MR. HUPFER WORKED FOR RÖVERBRÖNNER KG STEUERBERATUNGS UND WIRTSCHAFTSPRÜFUNGSGESELLSCHAFT IN THE AUDIT AND TAX DEPARTMENT. DIPLOMA OF ECONOMICS WITH A FOCUS ON TAX AND FINANCIAL AUDITING

IDAN KAPLAN - SENIOR FINANCIAL MANAGER

BEFORE JOINING AROUNDTOWN, MR. KAPLAN SERVED AS AN AUDITOR IN AN ACCOUNTING FIRM. BA IN ACCOUNTING AND BUSINESS ADMINISTRATION

SYLVIE LAGIES - HEAD OF ESG

HELD POSITIONS AS HOTEL GENERAL MANAGER, CORPORATE PROJECT MANAGER AND HEAD OF TRAINING AND DEVELOPMENT. FORMER ROLES WERE HEAD OF FRANCHISE DEVELOPMENT AND

TRAINING FOR DOMINO'S PIZZA GERMANY, DIRECTOR OF BUSINESS DEVELOPMENT FOR PRECISE 33HOTEL COLLECTION IN GERMANY

BERLIN POTSDAMER PLATZ: THE PRIME COMMERCIAL AND TOURIST CENTER

			landmark
	Potsdamer Platz	Potsdamer Platz	property
	Office
		Office
Crowne Plaza Potsdamer
Platz Hotel
Checkpoint Charlie	Potsdamer Platz
Hotel	Office
		Potsdamer Platz
Checkpoint Charlie		Residential (GCP)
Office		Potsdamer Platz
Checkpoint Charlie		Office
Office
	Gendarmenmarkt
	Office
		Gendarmenmarkt
Gendarmenmarkt		Office
Retail
Hilton Gendarmenmarkt
Hotel
Gendarmenmarkt
Office
	Gendarmenmarkt
Rotterdam			34

BERLIN ALEXANDERPLATZ: THE PRIME COMMERCIAL AND TOURIST CENTER

Berlin Mitte	Berlin Mitte	Berlin Prime Center Mitte
Residential (GCP)
Residential (GCP)	Hotel			landmark
			Prenzlauer Berg	Greifswalder str.
	Berlin Mitte	Alexanderplatz
	Mixed-use campus	Retail
Berlin Mitte	Residential (GCP)	Office	property
Residential (GCP)
Moxy by Marriott Berlin
Mitte Hotel
		Alexanderplatz
Berlin Mitte		Office & Hotel
Residential (GCP)			Prenzlauer Berg
Alexanderplatz	Alexanderplatz
Retail
Office
	Alexanderplatz Ibis Hotel
AC by Marriott Berlin Mitte	Alexanderplatz
Hotel	Mixed-use
		Alexanderplatz
		Office
	Alexanderplatz
	Alexanderplatz
	Retail
Berlin Cathedral
			Köpenickerstraße	Köpenickerstraße
			Residential (GCP)	Office
	Annenstraße
	Retail
Rotterdam					35

BERLIN KU'DAMM: THE PRIME COMMERCIAL AND TOURIST CENTER

Berlin City Center Mitte	Berlin Mitte City Center Retail
		Potsdamer Platz
Office		AC by Marriot	Ku'Damm KaDeWe	landmark
		Berlin Mitte Hotel
				Residential (GCP)	property
	Moxy by Marriot Berlin Mitte
	Hotel			Ku'Damm KaDeWe Office
Berlin City Center Mitte
Office				Ku'damm /Uhlandstr.
		Berlin Tiergarten
	Berlin City Center Mitte		Office
	Hotel
	Office Campus
	Berlin Tiergarten				Ku'Damm
			Ku'Damm Mark Apart
		Office Campus
				Office
			Hotel
		Bristol Berlin Ku'Damm
	Berlin Center Charlottenburg	Hotel
Berlin Center Charlottenburg	Residential (GCP)
Office				Ku'Damm / Lietzenburger Str.
		Kurfürstendamm		Residential (GCP)
		(Ku'Damm)
				Ku'Damm/Meineke Str.
				Residential (GCP)
	Ku'Damm - Adenauerplatz	Ku'Damm - Adenauerplatz
	Residential (GCP)
	Office
	Ku'Damm - Adenauerplatz
	Office
Rotterdam						36

FRANKFURT: QUALITY ASSETS IN CENTRAL LOCATIONS

						landmark
						property
Frankfurt Büro Center (FBC)	Frankfurt HBF	Frankfurt Stadtmitte	Frankfurt Main Triangel	InterContinental Frankfurt	Frankfurt HBF	Frankfurt Office Campus
Office	Office	Office	Office	Hotel	Office	Office
			European Central
			Bank Headquarters
		Banking District	Frankfurt Hauptbahnhof
		(Central Train Station)
			View from Hafenstr. Office Tower
Rotterdam						37

DEVELOPMENT/BUILDING RIGHTS: PRIME CENTER BERLIN ALEXANDERPLATZ

PROPERTY DESCRIPTION

• TLG's office building on Berlin's Alexanderplatz covers 55k sqm
• The primary building is a large office building situated on Alexanderstraße 1,3,5, 10178 Berlin, built in 1969
• The second building is situated onKarl-Liebknecht-Str. 30, 10179 Berlin and consists of a low-rise
• The asset is situated at Alexanderplatz, one of Berlin's prime centers
• The Alexanderplatz station is a main transport hub connected by a wide range ofU-bahn,S-bahn, trams and buses

Ibis Berlin

Alexanderplatz

Berlin TV Tower

MARKET DEMAND

• The asset's district "Mitte" is Berlin's top office district with the highest rents in the city1). Average office rents in Alexanderplatz reach up to €40/sqm (€27/sqm Berlin Ø)1)
• Demand is the highest for modern office space with virtually zero vacancy in Mitte2). New supply comes with high pre-letting ratio for any new developments, leaving little or no availability after completion2)
• Mitte is the largest hotel cluster of Berlin, more than half of the branded hotels are located there3)with Alexanderplatz particularly in great demand4)
• Mitte is also the gravity center of Berlin's residential market with the highest rents and prices in the city5)
• Selling prices can reach up to €13k/sqm for office space while construction costs are around €2k/sqm6)

VALUE EXTRACTION POTENTIAL

• Development plans include three new buildings, including twohigh-rise towers, covering a total gross area of approx. 150k sqm
• Current plans entail amixed-use development of most demanded asset types in order to fully extract the potential of the space
• Aroundtown and TLG have properties which are adjacent to each other. By combining these assets the positioning of the whole can be optimized further through higher amount of letting space, resulting in additional value creation while streamlining the cost structure

1) Angermann, Office Market Berlin Q4 2019 2) BNP Paribas Real Estate, Office Market Germany, 2020

					38
3) Horwath HTL, Hotel Chains Market Germany: Snapshot Berlin, 2018 4) Deloitte, Berlin's Hotel Market, 2016 5) Guthmann Estate, Market Report Berlin-Mitte, 2020 6) ZIA Deutschland, 2019; Destatis, 2020

Rotterdam

DEVELOPMENT/BUILDING RIGHTS - HILTON BERLIN PRIME CENTER GENDARMENMARKT

PROPERTY DESCRIPTION

• The 4 star Hilton Hotel is located in the heart of Berlin on Gendarmenmarkt, a prime tourist, residential and commercial center with historical & cultural landmarks and excellent connectivity & transportation options
• Only 1/3 of the space produces most of the rent. The huge lobby area, the long entry drive way facing the most expensive location in Berlin and overground parking garage are producing a fraction of the rent

Hilton Hotel

MARKET DEMAND

• The asset's district "Mitte" is Berlin's top office district with highest rents in the city1). Average office rents in Gendarmenmarkt range between €26-€36 per sqm1)
• Demand is the highest for modern office space with virtually zero vacancy in Mitte2). New supply comes with high pre-letting ratio for any new developments, leaving little or no availability after completion2)
• Mitte is the largest hotel cluster of Berlin, more than half of the branded hotels are located there3)with Alexanderplatz particularly in great demand4)
• Mitte is also the gravity center of Berlin's residential market with the highest rents and prices in the city5)

VALUE EXTRACTION POTENTIAL

• Overground parking garage:Conversion of 18k sqm parking space into prime office space and high-end mixed use of residential condos which can be integrated into the hotel's operational systems (short-term living)
• Driveway & Lobby:The most prestigious side of the hotel facing Gendarmenmarkt is used as a long stretched driveway and huge lobby. Conversion into prime leisure retail/restaurants/services complementing the area's use as a destination for top culture, historic landmarks and prime gastronomy, with millions of visitors in the Gendarmenmarkt square
• Additional rooms from conversion:Unused and not producing public spaces to be converted to additional 70 hotel rooms. Potential additional new space on the roof and inner spaces to create additional50-100rooms. Total potential of additionalrooms:120-170.Due to the top tier location, each converted and added lettable sqm will produce both high rent levels of€30-€50per sqm and value per sqm of €12k to €15k

1) Angermann, Office Market Berlin Q4 2019 2) BNP Paribas Real Estate, Office Market Germany, 2020

3) Horwath HTL, Hotel Chains Market Germany: Snapshot Berlin, 2018 4) Deloitte, Berlin's Hotel Market, 2016 5) Guthmann Estate, Market Report Berlin-Mitte, 2020 6) Winters & Hirsch Real Estate Database, 2019

39

Rotterdam

DEVELOPMENT/BUILDING RIGHTS - BERLIN KREUZBERG/ALT-TREPTOW

PROPERTY DESCRIPTION	MARKET DEMAND	VALUE EXTRACTION POTENTIAL
➢The cinema center holds 7k sqm & is located across the	➢Located between Mediaspree and Adlershof Science Park,	➢Conversion into an office building:
Park Center retail/office center in a mixed use office,	Alt-Treptow office market has a strong demand	➢Development into a building with 26k lettable sqm with
residential & touristic area of the district of	➢Average office rents in Alt-Treptow can reach up to €27	mixed use of office and hotel/short-term let micro
Treptow/Kreuzberg around the corner of the Treptowers	per sqm1)	apartments
office towers. Strong connectivity is provided through its	➢Achievable purchase/sale prices for office properties in
inner city location with bus, S-bahn and highway	the region can reach up to €7,000 per sqm2)
➢Aroundtown acquired this property as part of the	➢New development have a very high pre-letting ratio. More
acquisition of the Park Center retail/office center across	than half of new supply that is expected to be delivered in				Treptowers
the property	the next 2 years are already pre-let3)
							Treptower
							Park
				Cinema Center
				Am Treptower
				Park 14, 12435
				Berlin
				Park
				Center

1) Angermann, Office Market Berlin Q4 2019 2) JLL Database, 2020 3) BNP Paribas Real Estate,

Office Market Germany, 2020 (data for refers to Mediaspree)

40

Rotterdam

DEVELOPMENT/BUILDING RIGHTS - BERLIN TREPTOW-KÖPENICK - THE BREWERY PROJECT

PROPERTY DESCRIPTION

• This office property is located in the Niederschöneweide quarter of Berlin'sTreptow-Köpenick borough, which is a mix-use area surrounded of commercial as well as a residential space with the Treptower Park to the north and in the south the Berlin Adlershof Technology park, the largest science park in Germany, which is home to over
  500 companies and to Berlin Humboldt University's
  Faculty of Science. Due to its historic use as a former brewery founded in 1882, the property has a special architecture appearance and its locations on the river banks of the river spree give this property unique characteristics

MARKET DEMAND

• Located between Treptower Park and Adlershof Science Park, Niederschöneweide has a strong and further growing market environment
• Average rents for both residential and commercial use in the area are around €15/sqm1)
• Achievable purchase/sale prices for office properties in the region can reach up to €4,000 per sqm1)

VALUE EXTRACTION POTENTIAL

• Conversion and development into mixed use urban quarter
• The original use of the buildings have been for offices, residential, warehouse and factory
• Re-developmentpotential of currently 41k sqm into around 70k lettable sqm of office (conversion as well as new built), micro/student apartments and retail while maintaining the special characteristics of the property

1) JLL Database, 2020	41

Rotterdam

DEVELOPMENT/BUILDING RIGHTS - FRANKFURT MAIN CENTRAL TRAIN STATION

PROPERTY DESCRIPTION

• The 22 storey office tower covers 21k sqm and is situated adjacent Frankfurt's main central train station and thus is well connected by public transport as well as its location just off Mainzer Landstraße, Frankfurt's main inner city road, providing good access to the surrounding districts and the highway system. The area surrounding the property is a popular office location.

MARKET DEMAND

• The office tower is located at the corner of Bahnhofsviertel, Europaviertel and Banking District, three of the most exclusive office districts in Frankfurt.
• Achiveble average rents for the modern space in this area can reach up to €32/sqm1)
• New supply that is expected to be delivered to the market within the next two years have 100%pre-letting ratio2)
• Achievable selling prices can range between €10k/sqm to €14k/sqm1)3)

VALUE EXTRACTION POTENTIAL

• Aroundtown recently acquired the office tower. The asset will be vacated this year to enable complete redevelopment
• Capex for repositioning and renting at market rents:
• Aroundtown will upgrade the building (façade, technical parameters, fit out etc.) to capture the rent reversion of 400%

Main central train

station

Office Tower

Hafenstraße 51

60327 Frankfurt

1) JLL Database, 2020 3) BNP Paribas Real Estate, Office Market Germany, 2020 (data for refers to

Central Station) 3) ZIA Deutschland, 2019	42

Rotterdam

REGIONAL MARKET OVERVIEW

Bremen

• GDP growth1: 3.3%
• Migration balance2: 1.1%
• Population density3: 1,734 per km2

Amsterdam

• GDP growth1: 3.8%
• Migration balance2: 6.9%
• Population density3: 5,111 per km2

Utrecht

• GDP growth1: 3.2%
• Migration balance2: 2.6%
• Population density3: 3,644per km2

Rotterdam

• GDP growth1: 3.3%
• Migration balance2: : 1.8%
• Population density3: 2,943 per km2

NRW

• GDP growth1: 1.7%
• Migration balance2: 0.7%
• Population density3: 524 per km2

inhabitants per

Hamburg

• GDP growth1: 2.4%
• Migration balance2: 0.9%
• Population density3: 2,397 per km2

Hannover

• GDP growth1(NI): 2.5%
• Migration balance2: 1.3%
• Population density3: 2,608 per km2

Berlin

• GDP growth1: 3.1%
• Migration balance2: 1.2%
• Population density3: 4,012 per km2

Dresden/Leipzig/Halle

• GDP growth1(SN): 1.4%
• Migration balance2: 0.4%-1.4%
• Population density3: 1,666-1918 per km2

Nuremberg/Fuerth

• GDP growth1(BA):2.2%
• Migration balance2: 1.2%
• Population density (N)3: 2,966 per km2

1. GDP Growth: 2017. Data from the respective federal state is used in case city data is not available - NL provisional figures

Frankfurt

sqkm (2013)

Munich

2)Migration balance: Average annual

• GDP growth1(HE): 2.2%
• Migration balance2: : 1.2%
• Population density3: 2,966 per km2

Mannheim

• GDP growth1(BW): 2.3%
• Migration balance2: 0.9%
• Population density3: 2,102 per km2

Rotterdam

• GDP growth1(BA): 2.2%
• Migration balance2: 1.2%
• Population density3: 4,713 per km2

Stuttgart

• GDP growth1(BW): 2.3%
• Migration balance2: : 1.0%
• Population density3: 3,029 per km2

migration balance 2013- 2016, domestic & foreign migration

1. Population density: Residents per Sqk (2016/NL 2017)

43

GERMAN HOTEL MARKET - DOMESTIC TRAVEL WILL BE THE KEY FOR RECOVERY FROM COVID-19

Share of domestic travel

in % of total travel

85%

81%

German hotel market is among the least volatile hotel markets in Europe due to:

High share of domestic travel

Low dependency on long-haul flights

61%

58% 57%

53%

47%

42%

31%

Germany

UK

Netherlands

France

Italy

Spain

Austria

Czechia

Portugal

Source: OECD, last data available. Tourism Economics. STR
Share of domestic travel is in terms of total expenditure	44

GERMAN HOTEL MARKET - FAST RECOVERY DURING PAST CRISIS

Owing to high share of domestic travel and low dependency on long-haul flights, German hotel market recovered

swiftly from the financial crisis, much quicker than the rest of Europe and also at a higher acceleration rate

Source: OECD, last data available. Tourism Economics. STR

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DISCLAIMER

IMPORTANT:

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 the Group ("forward-looking statements"). All forward-looking statements contained in this document and all views expressed and all projections, forecasts or statements relating to expectations regarding future events or the possible future performance of Aroundtown SA or any corporation affiliated with Aroundtown SA (the "Group") only represent the own assessments and interpretation by Aroundtown SA of information available to it as of the date of this document. They have not been independently verified or assessed and may or may not prove to be correct. Any forward-looking statements may 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. No representation is made or assurance given that such statements, views, projections or forecasts are correct or that they will be achieved as described. Tables and diagrams may include rounding effects. This presentation is intended to provide a general overview of the Group's business and does not purport to deal with all aspects and details regarding the Group. Accordingly, neither the Group nor any of its directors, officers, employees or advisers nor any other person makes any representation or warranty, express or implied, as to, and

accordingly no reliance should be placed on, the accuracy or completeness of the information contained in the presentation or of the views given or implied. Neither the Group nor any of

its directors, officers, employees or advisors nor any other person shall have any liability whatsoever for any errors or omissions or any loss howsoever arising, directly or indirectly, from any use of this information or its contents or otherwise arising in connection therewith. Aroundtown SA does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of this presentation.

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