CORESTATE Capital S A : Presentation for the new financial outlook for 2020

Financial Outlook 2020

Presentation - Conference Call for Analysts & Investors, 09 September 2020

Lars Schnidrig, CEO & Dr. Kai Klinger, CMO

Disclaimer

This presentation contains forward-looking statements that are subject to various risks and uncertainties. Such statements are based on a number of assumptions, estimates, projections or

plans that are inherently subject to significant risks, as well as uncertainties and contingencies that are subject to change.

Actual results can differ materially from those anticipated

in the forward-looking statements of CORESTATE Capital Holding S.A.

(the "Company") as a result of a variety of factors, many of which are

beyond the control of the Company, including those

set forth from time to time in the Company's press releases and reports and those set forth from time to time in the Company's analyst and investor calls and discussions. The company does not assume any obligation to update the forward-looking statements contained in this presentation.

This presentation does not constitute an offer to sell or a solicitation or offer to buy any securities of the Company, and no part of this presentation shall form the basis of or may be relied upon in connection with any offer or commitment whatsoever.

This presentation is being presented solely for information purposes and is subject to change without notice.

Glossary

€ = Euro

$ = (US)Dollar

• = percentage a = actual acc. = according adj. = adjusted aggr. = aggregated approx. = approximately c(a) = circa
  e = expected
  (F)Y = (financial) year(s) H = half year(s)
  LTM = last twelve months M = month(s)
  Q = quarter(s) k = thousand(s) m = million(s) bn = billion(s)

2

Update - Operations Still Impacted from COVID-19

Transaction Markets Incrementally Gaining Ground - Enhanced Visibility on H2-2020

• RE investment environment improving gradually

−

−

−

Risk appetite still diffident, but some bigger transactions arise in Core/Core+

Several transactions out of our sourcing pipeline already in very advanced contractual status

Normalization in property management and operations of student homes with minor rent deferrals

• HFS with ongoing decent performance
• • Fund volumes stable at around € 1.3bn with most likely only minor outflow end of October
  • Very high demand from developers on steady margins
  • Stable and predictable income flow from borrowers
• Significant net debt reduction and deleveraging within next 18-24 months
• • Increased cash position end of August at € 63m
  • First asset placements already in progress
• Operationally clearly profitable
• • Efficiency program well on track

3

Outlook FY-2020 Driven by Market Uncertainty

Financial Guidance 2020 under COVID-19*

Aggr. Revenues	EBITDA	Adj. Net Profit
€ 185-210m	€ 55-80m	€ 25-50m

Revenue Split-up for FY2020e vs. act. H1-2020

(in m€)

1225-35

74135-155

4 5-10

2 0-10

5 5-10

96 185-210

Assumptions

• Transaction volume in 2020 € 1-2bn predominantly in Core/Core+
• EBITDA includes € 5-10mone-off costs from efficiency program and € 5-15m of extraordinary valuation effects from Covid-19 on (co-) investments in retail/serviced apartments assets

Acquisition Rel. Fees

Asset & Property Mgt. Fees

(incl CPF & Sales Fee/Promote)

Mezzanine Loans

Warehousing / RE Operations

Alignment Capital

Aggr. Revenues and Gains

* Under the caveat of no long-lastingsupra-regional shutdowns or other public measures with severe impacts on transaction environment	4

IR Contact and Financial Calendar 2020

Investor Contact

Financial Calendar 2020

Dr. Kai G. Klinger

Chief Markets Officer

Phone: +49 69 [e-mail]

25 February 24 March 12 May 05 June

11 August

1. November

1. November

Publication preliminary results for FY 2019

Annual financial report 2019

Publication results for Q1

Annual General Meeting

Publication results for H1

Publication results for first nine months

Capital Markets Day

Please note that these dates may be subject to change