Highlights

• Operating business continues to perform fully in line with expectations.
• Market fundamentals remain highly favorable.
• Continued focus on managing the residential megatrends with a view towards sustainability and adequate stakeholder reconciliation.

Capital

Structure

2021E

Guidance

Deutsche

Wohnen

1.

9M 2021 Results

• 45.3% LTV incl. the perpetual hybrid and 14.0x Net debt/EBITDA multiple2 as of Sep. 30, 2021
  (excl. €10.5bn payment obligations for DWNI shares transferred after Sep. 30, 2021).1
• Pro forma LTV below 45% when adjusted to reflect (i) €10.5bn payment obligations as of Sep 30, (ii) ca. €8bn3 rights issue, (iii) Berlin disposals and (iv) Q4 valuation estimate.
• Vonovia-stand-aloneguidance (excl. contributions from Deutsche Wohnen)
• • Adj. EBITDA Total increased to around the upper end of the €2,055m - €2,105m range;
  • Group FFO increased to €1,520m - €1,540m.
• Vonovia now owns 87.6% of voting rights.
• Announced changes to Vonovia Management Board expected in Jan 2022.
• Integration project kicked off.
• Ca. €8bn rights issue as early as second half of
  November, subject to market conditions.3

• Voluntary takeover offer successfully completed with 87.6% of voting rights now held by Vonovia.
• Deutsche Wohnen to remain a listed entity for now.
• As previously announced, the following changes to the Vonovia Management Board are expected for Jan. 2022.
• • Helene von Roeder to assume new responsibilities within Vonovia Management Board (innovation and digitalization);
  • Michael Zahn to become Deputy CEO;
  • Philip Grosse to become CFO.
• Integration project already kicked off.
• Synergy target of €105m EBITDA confirmed; full run rate by 2024.

• DWNI fully consolidated under IFRS balance sheet as of Sep. 30, 2021 ("Anticipated Acquisition Method").1 No impact on 9M Segment EBITDAs.
• At the end of Q3, 37.6% of the shares (fully diluted) were already paid, and the remaining purchase price of €10.5bn was booked as a payment obligation (i.e. not included in the reported LTV).
• 9M Group FFO includes at-equity contribution of €25.6m from DWNI
  (two months of Q3 FFO at a weighted average stake of 29.8%).
• Until the integration of DWNI into Vonovia, DWNI will be reported as a separate segment.
• FY2021 results will be including
• • DWNI at-equity contribution for 2 months (+€25.6m);
  • Q4 DWNI FFO;
  • transaction-relatedfinancing cost (-€20.5m).
• The guidance on page 21 is Vonovia stand-alone and does not include DWNI contributions.