Instone Real Estate : Presentation Q3 Results 2020

Q3 2020 Results Presentation

26.11.2020

01

02

03

04

Highlights

Portfolio Update

Q3 Financial Performance

Outlook

05 Appendix

Highlights

Highlights

Continued strong demand despite resurgence of pandemic; institutional deals in Q4 expected

Operational

Highlights

• Sales ratio fully recovered to pre-COVIDlevels; at this point no meaningful impact from renewed lockdown
• Three to four institutional deals signed or close to signing in Q4
• Acquisitions: five new projects approved since June, incl. valuehome (aggregate GDV of c.€600m*)
• Construction starts since beginning of Q3 (four projects; sales volume €225m)

Q3 2020 results in line; High gross margin persists

9M 2020 Results

• Adjusted revenues: €291.3m (9M 2019: €302.4m, -3.7%)
• Adjusted gross profit margin: 32.3% (9M 2019: 32.7%)
• Adjusted EBIT: €50.0m (9M 2019: €56.7m; -11.8%)
• Adjusted earnings after tax (EAT): €24.9m (9M 2019: €43.4m; -42.6%)

Financial targets for 2020 & 2021 reiterated

Outlook

• 2020 forecast: Adjusted revenues and adjusted EAT target of €470m-€500m and €30m-€35m
• 2021 forecast: Adjusted revenues of €900m-€1.0bn; adjusted EAT of at least €90m
• Target payout-ratio: 30% of net profit (starting for FY 2020)

4

| 26.11.2020 | Q3-2020

*Including relevant share of at-equity consolidated JV's

Corona Virus - Operating Update

No impact from resurgence of crisis so far

Key topics

Sales

1

Construction

2

Approvals

3

Employees

4

Instone position

• Institutional: constructive ongoing discussions in line with expectations
• Retail: volumes at pre-COVID levels, selling prices in-line with budget
• Construction progress according to plan on all our sites; no major impact from limited number of infections so far
• Easing cost pressure due to less severe capacity constraints in construction industry
• Still a differentiated picture depending on the individual situation in the municipalities (e.g. level of digitisation etc.) but no major delays so far
• Headquarter and branch offices: Increased share of Work from Home since October; stricter social distancing measures implemented
• Construction sites: Tight monitoring of social distancing rules and hygienic measures; purchase of air cleaning systems

5 | 26.11.2020 | Q3-2020

Retail sales activities fully recovered to pre-COVID levels

Sales ratio

In %	Long term Instone Sales ratio		Sales ratio	Sales ratio without package sale Rottenburg
5.0
	4.7
4.5		4.1

4.0
3.5		3.1	3.2
		2.8	3.0
3.0	2.6
2.5	2.6
	2.4
2.5

3.3 3.4

3.1

2.6	2.8
	2.6

3.9	3.7	3.6
		3.5

			2.5		2.7
				2.4
2.3	2.3		2.3	2.2
2.2	2.1

1. 1.6 1.6 1.6

1.0

1.9

1.7

1.1

0.9

1.9 1.9

0.6	0.9	0.8	0.8	0.9	1.0	1.0	1.1	1.2	1.2
0.5		0.5

0.5

0.0

• Continued normalised retail sales ratio; no visible impact to date from "lockdown light" (November 2nd)
• Emerging trend of multi-unit private buy-to-let investments from high net worth investors
• Strong backlog of reservations and notarization appointments

6	| 26.11.2020 | Q3-2020 Retail sales ratio = weekly number of units sold/total number of units on offer (four week moving average)

German residential prices: stable upward trend continues - winner of the crisis

Recent data points/surveys show residential prices continue to move up

IMX (immoscout):	Prices for new built condos up +1.4% in Q3 (qoq); +4.8% (yoy)
Hypoport, EPX*:	Condo prices +3.8% in Q3 (qoq); +9.0% YTD in Germany
vdp:	Condo prices: +2.1% (qoq); +4.8% YTD

Financing markets remain supportive for residential demand

Bundesbank:Mortgage loans for private households in September flat yoy (€21.8bn)

Interhyp:

Interest costs for mortgage loans near all-time low (~0.75% for 10 yrs.)

7

| 26.11.2020 | Q3-2020

*Europace house price index

Portfolio Update

Projects with GDV of c. €600m approved since end of June

Project portfolio development, ytd (GDV)

In €m
							194	6,037
5,846		296	-16	90	5,938	-94
-278
12/2019	Completed	New	Deduction	Changed	09/2020	Completed	New	11/2020
	projects	approvals		sales		projects	approvals
				volume

2020 new project approvals	Exp. sales	Exp. units
volume (€m)
Heusenstamm (near Frankfurt)	149	341
Halle	38	151
Subtotal as of 06/20	187	492
Hannover, Buentekamp III	50	72
Nuremberg, Boxdorf	59	125
Rhine/Main	194	480
Berlin*	222	531
Rhine/Main*	72	177

9

| 26.11.2020 | Q3-2020

*Including relevant share of at-equity consolidated JV's, which are not included in portfolio development bridge

Significant share of pre-sold units support future cash flow and earnings visibility

Project portfolio as of 30/09/2020 by region (GDV)

In %	Berlin	Munich
	3.6
	6.2
Nuremberg
6.6		Frankfurt
Hamburg		33.4
6.7

	Total:
Stuttgart	€5.9bn
7.9

Leipzig
9.8	NRW
Others*	13.7
12.1

• 53 projects / 13,374 units
• 88% in metropolitan regions
• ~80 sqm / unit
• ~€5,450 ASP / sqm

Project portfolio as of 30/09/2020 by development (GDV)

In %

Under

construction

24.1

Pre sale

60.3Pre construction

15.6

• €2.4bn GDV pre-construction or under construction
• €1.4bn GDV under construction
• €2.1bn of portfolio already sold (89% of pre-construction and under construction)
• €1.2bn of currently under construction portfolio is sold (85%)

10 | 26.11.2020 | Q3-2020

*"Others" include Wiesbaden, Mannheim, Hannover, Potsdam, Bamberg

Q3 Financial Performance

Adjusted Results of Operations

9M sales affected by COVID-19 effects - Recovery well underway

€m	Q3 2020	Q3 2019	Change	9M 2020	9M 2019	Change
Revenues	111.7	128.2	-12.9%	291.3	302.4	-3.7%
Project cost	-75.4	-87.8	-14.1%	-197.2	-203.5	-3.1%
Gross profit	36.3	40.4	-10.1%	94.1	98.9	-4.9%
Gross Margin	32.5%	31.5%		32.3%	32.7%
	-14.9	-16.0
Platform cost	-6.9%	-44.8	-42.2	6.2%
Share of results of	0.4	0.4		0.7	0.0
joint ventures
EBIT	21.8	24.8	-12.1%	50.0	56.7	-11.8%
EBIT Margin	19.5%	19.3%		17.2%	18.8%
Financial and other	-6.0	-5.1		-15.5	-10.6
result
EBT	15.7	19.6	-19.9%	34.4	46.1	-25.4%
EBT Margin	14.1%	15.3%		11.8%	15.2%
Taxes	-4.7	-1.3		-9.6	-2.7
Tax rate	29.9%	6.6%		27.9%	5.9%
EAT	11.2	18.3	-38.8%	24.9	43.4	-42.6%
EAT Margin	10.0%	14.3%		8.5%	14.4%

• Q2+Q3 revenues affected by reduced sales speed and postponed marketing launches
• Sustained very high gross margins underscores resilient pricing environment as well as quality of product pipeline
• Moderately rising 9M platform costs reflect investments into future growth (incl. valuehome)
• Increased interest expenses due to 2019 land acquisitions and related increase in debt
• Normalisation of tax rate: Low FY 2019 taxes due to one-time effect

12 | 26.11.2020 | Q3-2020

High visibility for FY 2020 sales and revenues targets

Concluded sales contracts - expected development in Q4 2020		Revenue recognition - expected development in Q4 2020
In €m
	In €m
>450	470-500

104 291

50 218

168	187

Retail	Institutional 9M 20	Expected	Expected FY 20e	Retail	Institutional 9M 20	Expected	Expected FY 20e
sales	sales	retail	institutional	revenues	revenues	retail	institutional
		sales	sales			revenues	revenues

• Q4 expected sales and revenues in line with targets
• Retail demand remains strong
• Expect institutional sales related to three to four projects to be completed in Q4

13 | 26.11.2020 | Q3-2020

Strong balance sheet a competitive edge in current markets

€m	30/09/2020	31/12/2019
Corporate debt	215.3	180.8
Project debt	332.8	414.7
Financial debt	548.1	595.5
Cash and cash equivalents and term	-241.5	-117.1
deposits
Net financial debt	306.6	478.4
Inventories and Contract asset	951.2	951.1
LTC**	32.2%	50.3%
Adjusted EBIT (LTM)***	122.9	129.6
Adjusted EBITDA (LTM)***	127.0	133.7
Net financial debt / adjusted EBITDA	2.4	3.6

• 9M LTC of 32.2% implies low financial gearing
• • Reminder: inventories are recorded at historical costs
  • Significant hidden reserves provide additional downside cushion
• Low 9M net debt/adjusted EBITDA of just 2.4x despite temporary decline in profitability
• €1.6bn-€1.7bnmid term revenues target fully funded with the recent capital raise
• INS's financial strength a competitive edge for acquisitions in current environment

					**Loan-to-Cost: Net financial debt/ (Inventories + Contract assets)
14	|	26.11.2020	|	Q3-2020	***LTM: Last twelve months. Adj. EBIT/EBITDA for FY 2019 has been restated to align the adj. EBIT/EBITDA calculation to the changed definition used
from January 1, 2020 onwards.

Expect positive operating cash flow for FY 2020 including new land investments

Cash Flow (€m)	9M 2020	9M 2019
EBITDA adj.	53.0	59.7
Other non-cash items	-5.5	-14.0
Taxes paid	-13.3	-10.2
Change in working capital	-7.8	-67.5
Operating cash flow	26.4	-32.0
Land plot acquisition payments (incl.	72.2	100.8
RETT*)
Operating cash flow excl.	98.6	68.8
investments

• 9M operating cash flow remains positive prior to new land investment
• Existing projects are fully self-funding
• Expect significant positive operating cash flow (including new land investments) for FY 2020
• • Substantial milestone payments from pre- sold institutional projects in Q4
  • Full recovery of retail sales

Liquidity (€m)	Total	t/o	t/o
drawn	available
Corporate debt
Promissory notes	206.0	206.0	0.0
Revolving Credit Facilites	119.0	10.0	109.0
Total	325.0	216.0	109.0
Cash and cash equivalents and			241.5
term deposits
Total corporate funds			350.5
available
Project debt
Project finance**	458.7	334.6	124.1

• Strong liquidity position further improved through equity raise
• Acquisitions expected to continue at elevated levels

15 | 26.11.2020 | Q3-2020

*RETT: Real Estate Transfer Tax / **Net available project financing

Intrinsic pipeline value suggests fundamental upside

Additional upside from deployment of funds from capital increase

NAV (€m) as of 30/09/2020	ACTUAL
Expected selling prices of project pipeline	5,938
(GDV)
Payments received	-750
Expected project costs	-3,389
Net debt	-307
Net Asset Value	1,492
Number of shares (m)	47.0
Net Asset Value per share (€)	31.75

• Payments received reflect project related income received to date from pre-sale of pipeline, rental income and ordinary course sale of land plots
• Expected project costs include future expected payouts required to complete INS project pipeline

16 | 26.11.2020 | Q3-2020

Outlook

Guidance confirmed, strong structural growth ahead

€m	Outlook 2020	Outlook 2021
Revenues (adjusted)	470-500	900-1,000
Gross profit margin	>28%	n/a

Revenues (adjusted)

In €m

1,600-1,700

(adjusted)
EAT (adjusted)	30-35	>90
Volume of concluded	>450	n/a
Sales contracts

900-1,000

470-500

>1,000

• Planned payout ratio of 30% of adjusted EAT
• FY 2020 a transitional year due to severe temporary effects from the COVID-19 pandemic

2020

2021

2022

...

Mid-term

Thereof from existing	100%	100%
projects*:

Thereof from projects	95%	73%
with building right*:
Revenues secured	74%	33%
through pre-sales*:

18 | 26.11.2020 | Q3-2020

* % figures as of 30 September 2020; referring to midpoint of guidance

Appendix

Income statement (reported)

€m	9M 2020	9M 2019
Total revenues	275.9	296.4
Changes in inventories	73.3	86.8
	349.2	283.2
Other operating income	5.6	2.4
Cost of materials	-251.4	-286.1
Staff costs
-30.8	-25.4
Other operating expenses	-18.4	-22.0
Depreciation and amortization	-3.0	-3.0
Earnings from operative activities	51.2	49.1
Income from associated affiliates	0.7	0.0
Other net income from investments	-1.2	-3.3
Finance income	0.0	1.4
Finance costs	-18.2	-11.8
Changes of securities classified as financial	0.1	0.3
assets
EBT	32.5	35.7
Income taxes	-9.3	-0.6
EAT	23.3	35.2

20 | 26.11.2020 | Q3-2020

• Cost of materials including land price payments and corresponding ancillary costs of around €60.8m for previously secured projects.
• lncrease in staff costs reflects the increase in FTEs to 333.7 (9M-2019: 307.7).
• The increase of finance costs is related to the increase in gross debt due to investments in new land acquisition.
• In 9M-2019 tax rate was positively influenced by a special effect associated with the first-time recognition of loss carry forwards.

Condensed balance sheet

€m	30/09/2020	31/12/2019
Non-current assets	18.9	20.4
Inventories	805.4	732.1
Contract assets	145.8	219.0
Other receivables	143.5	34.7
Cash and cash equivalents	141.5	117.1
Current assets	1,236.2	1,102.9
Total assets	1,255.1	1,123.4
Total equity	508.4	310.2
Financial liabilities
297.7	451.6
Other provisions and liabilities	26.2	26.6
Deferred tax liabilities	14.3	12.0
Non-current liabilities	338.2	490.2
Financial liabilities	250.4	143.9
Trade payables
79.0	87.6
Other provisions and liabilities	79.1	91.5
Current liabilities	408.5	323.0
Total equity and liabilities	1,255.1	1,123.4

• As at 30 September 2020, inventories increased to €805.4m (Q4 2019: €732.1m) due to construction progress as well as land acquisitions of €60.8m.
• Equity increased due to the capital increase by issuing 10 million new shares with net proceeds of round €175m.
• Non-currentfinancial liabilities fell to €297.7m as of Q3 2020 (Q4 2019: €451.6m). Current financial liabilities increased to €250.4m (Q4 2019:
  €143.9m). In Q3 corporate financing €75.0m was repaid with the proceeds from a new promissory note loan of €100m at better terms.
• Trade payables decreased to €79.0m (Q4 2019: €87.6m) and essentially comprise the services provided by contractors.

21 | 26.11.2020 | Q3-2020

Well balanced financing structure at attractive terms

Maturity profile as of 30/09/2020					Secured/unsecured* as of 30/09/2020
In %	234			Corporate debt	Project debt			In %	Corporate debt	Project debt, secured
			145									36.1%
			57				100
43					28
			88
										63.9%
2020	2021	2022		2023	2024	2025

Weighted average corporate debt maturity		3.1 years
Weighted average corporate interest costs	3.12%
Share of total debt with floating interest	82.1%

*Based on total available credit lines (drawn and undrawn)

22 | 26.11.2020 | Q3-2020

Project Portfolio Key Figures

€m	Q3 2020	Q2 2020	Q1 2020	Q4 2019	Q3 2019	Q2 2019	Q1 2019
Volume of sales contracts	94.9	54.1*	69.4	1,088.2	183.1	69.0	62.8
Project Portfolio (as of)	5,937.5	5,701.3	5,744.4	5,845.7	5,384.1	5,091.7	4,790.2
thereof already sold (as of)	2,108.6	2,017.1	2,189.0	2,174.0	1,261.1	1,128.7	1,061.1
Units	Q3 2020	Q2 2020	Q1 2020	Q4 2019	Q3 2019	Q2 2019	Q1 2019
Volume of sales contracts	128	347*	109	2,063	380	120	170
Project Portfolio (as of)	13,374	13,075	12,952	13,715	12,233	11,628	11,041
thereof already sold (as of)	4,770	4,648	4,799	4,814	2,944	2,684	2,564

(Unless otherwise stated, the figures are quarterly values)

*Of which €24.3m (303 units) from updated business plan of already sold project Westville.

23 | 26.11.2020 | Q3-2020

9M 2020 - Concluded Sales Contracts (Top Projects)

Project	City	Units	€m
St. Marienkrankenhaus	Frankfurt a. M.	28	32.5
Schulterblatt "Amanda"	Hamburg	41	29.1
Westville*	Frankfurt a. M.	303	24.3
Schumanns Höhe	Bonn	50	19.3
"Carlina Park", Schopenhauerstraße	Nuremberg	39	19.2
Schwarzwaldstraße	Herrenberg	37	16.7
Lange Seegewann, Delkenheim	Wiesbaden	2	15.9
"Neckar.Au Viertel"	Rottenburg	40	14.6
"Wohnen im Hochfeld", Unterbach	Dusseldorf	18	12.5
Quartier Stallschreiber Straße -	Berlin	12	10.6
Luisenpark
Others		14	23.6
Total		584	218.4

Concluded sales contracts

In €m

315

218

9M 2019

9M 2020

*€24.3m (303 units) from updated business plan

24 | 26.11.2020 | Q3-2020

9M 2020 - Revenue Contribution (Top Projects)

Project	City	Adj. revenues (€m)
St. Marienkrankenhaus	Frankfurt a. M.	43.9
Schumanns Höhe	Bonn	30.5
west.side	Bonn	28.2
Quartier Stallschreiber Straße -	Berlin	22.8
Luisenpark
Schulterblatt "Amanda"	Hamburg	18.7
Westville	Frankfurt a. M.	14.8
City-Prag - Wohnen im Theaterviertel	Stuttgart	13.7
Schwarzwaldstraße	Herrenberg	12.8
Franklin	Mannheim	12.3
S'LEDERER	Schorndorf	9.6
Others		84.1
Total		291.3

25 | 26.11.2020 | Q3-2020

9M 2020 Construction Launches

Project	City	Start in	Exp. Sales	Units
Volume (€m)
Schulterblatt "Amanda"	Hamburg	Q2	~ 93	~ 165
Schorndorf, S'LEDERER	Schorndorf	Q2	~ 87	~ 230
"Niederkasseler Lohweg"	Dusseldorf	Q3	~ 80	~ 220
"Neckar.AU Viertel" (section 1)	Rottenburg	Q3	~ 24	~ 65
"Carlina Park"	Nuremberg	Q3	~ 67	~ 100
"west.side" (section 3)	Bonn	Q3	~ 54	~ 140
Total			~ 405	~ 920

26 | 26.11.2020 | Q3-2020

Sales Offer as of Q3 2020 (Top Projects, condominium sales)

Project	City	Sales volume (€m)	Units	Already sold in %
St. Marienkrankenhaus	Frankfurt a. M.	51.9	41	73%
"Carlina Park", Schopenhauerstr. 10	Nuremberg	47.9	63	29%
Schulterblatt "Amanda"	Hamburg	38.1	47	57%
Scholle 1, D-Unterbach	Dusseldorf	24.4	43	33%
Marina Bricks	Regensburg	11.9	14	60%
Schwarzwaldstraße	Herrenberg	9.7	17	80%
"Neckar.Au Viertel"	Rottenburg	9.5	26	61%
Quartier Stallschreiber Straße - Luisenpark	Berlin	7.8	7	94%
Schumanns Höhe BF 3	Bonn	0.9	1	98%
Total		202.0	259

27 | 26.11.2020 | Q3-2020

Project Portfolio as of Q3 2020

(projects > €30m sales volume, representing total: ~ €5.9bn)

Project	Location
Hamburg
Schulterblatt "Amanda"	Hamburg
Kösliner Weg	Norderstedt-Garstedt
Sportplatz Bult	Hannover
Rothenburgsort	Hamburg
Büntekamp	Hannover
Berlin
Quartier Stallschreiber Straße / Luisenpark	Berlin
Wendenschlossstr.	Berlin
Rote Kaserne West	Potsdam
NRW
Sebastiansraße / Schumanns Höhe	Bonn
Niederkasseler Lohweg	Düsseldorf
Unterbach / Wohnen am Hochfeld	Düsseldorf
Literaturquartier	Essen
REME	Mönchengladbach
west.side	Bonn
Gartenstadtquartier	Dortmund

Sales volume	Land plot	Building right	Sales	Construction
(expected)	acquired	obtained	started	started
95	Mio. €
85	Mio. €
120	Mio. €
198	Mio. €
143	Mio. €
236	Mio. €
135	Mio. €
59	Mio. €
70	Mio. €
	N/A
172	Mio. €
68	Mio. €
105	Mio. €
187	Mio. €
103	Mio. €

Semi-filled circle means that the milestone has yet been achieved for sections of the project (land plot acquisition, start of sales or construction). Concerning the building right the semi-filled circle means that the zoning process has been initiated. No circle for "land plot acquired" means that the land has not yet been purchased but secured by contract.

28 | 26.11.2020 | Q3-2020

Project Portfolio as of Q3 2020

(projects > €30m sales volume, representing total: ~ €5.9bn)

Project	Location
Rhine-Main
Wiesbaden-Delkenheim, Lange Seegewann	Wiesbaden
Siemens-Areal	Frankfurt
St. Marienkrankenhaus	Frankfurt am Main
Friedberger Landstraße	Frankfurt am Main
Elisabethenareal Frankfurt	Frankfurt am Main
Steinbacher Hohl	Frankfurt am Main
Gallus	Frankfurt am Main
Westville	Frankfurt am Main
Aukamm	Wiesbaden
Heusenstamm	Heusenstamm
Leipzig
Semmelweisstraße	Leipzig
Parkresidenz	Leipzig
Rosa-Luxemburg-Straße	Leipzig
Heide Süd	Halle

Sales volume	Land plot	Building right	Sales	Construction
(expected)	acquired	obtained	started	started
100	Mio. €
554	Mio. €
211	Mio. €
324	Mio. €
30	Mio. €
53	Mio. €
41	Mio. €
	N/A
147	Mio. €
153	Mio. €
110	Mio. €
250	Mio. €
111	Mio. €
38	Mio. €

Semi-filled circle means that the milestone has yet been achieved for sections of the project (land plot acquisition, start of sales or construction). Concerning the building right the semi-filled circle means that the zoning process has been initiated. No circle for "land plot acquired" means that the land has not yet been purchased but secured by contract.

29 | 26.11.2020 | Q3-2020

Project Portfolio as of Q3 2020

(projects > €30m sales volume, representing total: ~ €5.9bn)

Project	Location	Sales volume	Land plot	Building right	Sales	Construction
(expected)	acquired	obtained	started	started
Baden-Wurttemberg
City-Prag - Wohnen im Theaterviertel	Stuttgart	126	Mio. €
Franklin	Mannheim	69	Mio. €
Schwarzwaldstraße	Herrenberg	49	Mio. €
S`LEDERER	Schorndorf		N/A
Neckartalterrassen	Rottenburg	149	Mio. €
Schäferlinde	Herrenberg	56	Mio. €
Bavaria South
Ottobrunner Straße	München	84	Mio. €
Beethovenpark	Augsburg	58	Mio. €
Römerhügel	Augsburg	51	Mio. €
Bavaria North
Schopenhauerstraße	Nürnberg	67	Mio. €
Stephanstraße	Nürnberg	66	Mio. €
Seetor	Nürnberg	112	Mio. €
Eslarner Straße	Nürnberg	50	Mio. €
Lagarde	Bamberg	80	Mio. €
Boxdorf	Nürnberg	59	Mio. €
Marina Bricks	Regensburg	30	Mio. €

Semi-filled circle means that the milestone has yet been achieved for sections of the project (land plot acquisition, start of sales or construction). Concerning the building right the semi-filled circle means that the zoning process has been initiated. No circle for "land plot acquired" means that the land has not yet been purchased but secured by contract.

30 | 26.11.2020 | Q3-2020

Instone Share

Basic data

•	ISIN:	DE000A2NBX80
•	Ticker symbol:	INS

Shareholder structure (October 2020)

Fidelity: 9.99%

•	No of shares:	46,988,336
•	Index:	SDAX
•	Market cap* :	€1,003.2m
•	Average daily trading
	volume:	€1.4m
•	Free float:	100%
•	Indices:	SDAX
•	Market segment:	Prime Standard,
		Frankfurt

* Based on closing price on 20/11/2020 at €21.35

31 | 26.11.2020 | Q3-2020

Others: 58.64%

Janus Henderson: 6.96%

Cohen & Steers: 5.24%

Capital: 4.87%

T. Rowe: 4.03%

DWS: 3.82%

Union Investment: 3.38% Amundi: 3.07%

Financial Calendar

2020

November	26	Quarterly Statement for the first nine months of 2020
November	27	Virtual Roadshow, Switzerland and Scandinavia (Mainfirst)
November	30	Virtual Roadshow, UK (Deutsche Bank)
December	01	Virtual Roadshow, US (Jefferies)
December	02	Virtual Roadshow, Benelux (Kempen & Co)
December	03	Virtual Roadshow, Germany (MM Warburg)
December	09	HSBC Virtual Real Estate Seminar

2021

January	07	ODDO BHF Forum
January	18	UniCredit Kepler Cheuvreux German Corporate Conference
February	24	Publication of preliminary figures for the financial year 2020
March	18	Annual Report 2020
March	25	BofA EMEA Real Estate CEO Virtual Conference
March	30	Jefferies Pan-EuropeanMid-Cap Virtual Conference
May	20	Quarterly Statement for the first quarter of 2021
June	09	Annual General Meeting
August	26	Group Interim Report for the first half of 2021
November	18	Quarterly Statement for the first nine months of 2021

32 | 26.11.2020 | Q3-2020

Investor Relations Contact

Burkhard Sawazki

Head of Business Development & Communication

1. [phone] M [phone] [e-mail]

Simone Cujai

Senior Investor Relations Manager

1. [phone] M [phone] [e-mail]

33 | 26.11.2020 | Q3-2020

Instone Real Estate Group AG Grugaplatz 2-4,45131 Essen E-Mail:[e-mail]: www.instone.de/en