Vonovia : Sustainability Presentation (English only) J.P. Morgan Global ESG Conference

Vonovia Sustainability Presentation

J.P. Morgan Global ESG Conference

March 24, 2021

Agenda

Europe's Leading Residential Property Owner and Operator

We are the long-term owner and full-scale operator of Europe's largest listed multifamily housing portfolio with ca. 416k apartments for small and medium incomes in metropolitan growth areas.

Geographic split (by number of units)1

Germany

Sweden

€56bn portfolio fair market value

€31bn market cap

Austria

€4.4bn Total Segment Revenue

€1.91bn Adj. EBITDA

€1.35 Adj. Earnings ("Group FFO")

Dividend policy: ~70% of Group FFO10,622 employees

1 The small stakes we own in the Dutch and in the French portfolios are less of a financial investment and more R&D to gain an even better understanding of the markets.

Vonovia Contributes to Solutions for Tomorrow's Challenges

Megatrends

Sustainability strategy focused on three dimensions…

Urbanization

An increasing part of the population is moving into urban areas

Climate change & energy efficiency

Ca. 1/3 of greenhouse gas emissions are related to real estate

Demographic change

An increasing share of the population is 65+ years

Commitment to climate neutral building stock until 2050

Responsibility for customers, society and employees

Reliable and transparent corporate governance built on trust

…and aiming to contribute to these key SDGs

Compelling Investment Case

Market Leader	We are Europe's largest residential landlord and the long-term owner and full-scale operator of a multifamily housing portfolio with ca. 416k apartments for small and medium incomes in metropolitan growth areas.
Uniquely Positioned	The granularity and B-to-C nature of our business are unique in real estate. Our strategy of standardization, industrialization and process optimization makes us the industry leader with best-in-class service levels and superior cost control.
Low Risk	Fundamental megatrends provide a positive backdrop in a regulated environment that safeguards attractive risk-adjusted returns and offers downside protection.
Growth	Organic earnings and value growth plus substantial long-term upside potential from acquisitions in selected European metropolitan areas. Low execution risk from track record of acquiring and integrating >300k apartments in eight large transactions since IPO.
Built-in ESG Focus	All of our actions have more than just an economic dimension. We provide a home to around 1 million people from ca. 150 nations. CO2 emissions related to housing are one of the largest sources of greenhouse gas emissions.As a listed, blue-chip company we are rightfully held to a high standard.

Impeccable Track Record of Consistent & Sustainable Growth

Confident to Maintain Earnings and Value Growth Going Forward

FFO (€/share)1

2013

2015

2014

2015

2016

2017

2018

2019

2020 2021(E)

Dividend (€/share) - 70% payout ratio from FFO

2013

2014

2016

2017

2018

2019

2020 2021(E)

Adj. NAV (€/share)

LTV and Interest Cover Ratio

2013

2013

2014

2015

2016

2017

2018

2019

2020

2014

2015

2016

2017

LTV (%)Interest cover ratio

2018

2019

target range

2020

Disciplined Capital Allocation Focused on Long-term Earnings and Value Creation

70% of recurring cash earnings (FFO) paid out as dividend

We expect to continue to be able to deliver 0.95 0.67 1.00 sustainably growing dividends

Scrip dividend option since FY2016

Investments in modernization and new construction to hold to address the megatrends urbanization, energy efficiency and demographic change

Drives organic earnings, value growth, and overall portfolio quality

Disciplined and opportunistic approachClear set of criteria to safeguard earnings and value growth for shareholdersImpeccable track record of execution with >300k apartments acquired and integrated since IPO

Shareholder authorization in place (until 2023)

2013

2014

IPO

80 60 40

General preference for allocating capital to 20

2015

2016 2017 2018 2019

Recurring cash earnings ("FFO")1

2020

2021(E)DividendSales

Acq.

New construction 2020

long-term growth of the company 0

Potentially an option in case shares trade

at steep discount to Adj. NAV

Jul-13

Nov-13

Mar-14

Jul-14

Nov-14

Mar-15

Jul-15

Nov-15

Mar-16

Jul-16

VNA share price

Nov-16

Mar-17

Jul-17

Nov-17

Mar-18

Jul-18

Nov-18

Mar-19

Jul-19

Nov-19

Mar-20

Last reported Adj. NAV

Jul-20

Nov-20

Mar-21

2021 Guidance

2020 Actuals	2021 Guidance	Mid-term Outlook
Total Segment Revenue	€4.370bn	~€4.9bn - ~€5.1bn	growing
Rental revenue	€2.286bn	~€2.3bn - ~€2.4bn	growing
Organic rent growth (eop)	3.1% (3.6% excl. one-off effect in Berlin)	~3.0% - ~3.8%1	stable
Recurring Sales (# of units)	2,442	~2,500	stable
FV step-up Recurring Sales	39.6%	~30%	stable
Adj. EBITDA Total (€m)	1,910	1,975 - 2,025	growing
Group FFO (€m)	1,348	1,415 - 1,465	growing
Dividend (€/share)	1.692	~70% of Group FFO per share	stable payout ratio; €/share growing
Investments (€bn)	€1.344bn	~€1.3bn - ~€1.6bn	at least stable
SPI	Starting point established	~100%	continuous improvement

Note: The 2021 guidance is based on the current legislation under which the CO2 tax is part of the recoverable expenses; equally, the 2021 guidance does not include any positive impacts expected from the Federal Funding Regulation for Energy-Efficient Buildings ("BEG"). 1 If the current Berlin-specific rent freeze regulation is in place at the end of 2021, we expect to come out towards the lower end of the range; if the legislation is no longer in place at the end of 2021, we expect to come out towards the higher end of the range. A ruling by the Federal Constitutional Court is widely expected in Q2 2021. 2 To be proposed to the Annual General Meeting in 2021.

Megatrends - Challenge & Opportunity

Urbanization

An increasing part of the population is moving into urban areas

Energy efficiency

Ca. 1/3 of greenhouse gas emissions are related to real estate

Demographic change

An increasing share of the population is 65+ years

We are providing apartments at fair price levels to a growing urban population

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

We are a driving force of the industry and have committed ourselves to a binding climate path for a CO2 neutral portfolio by 2050

The energy-efficient modernization of the housing stock and innovative solutions for carbon neutral residential neighborhoods are paramount for achieving climate protection targets

We are preparing at least one third of all apartments that become vacant for elderly tenants

Demographic changes require refurbishing apartments to enable an ageing population to stay in their homes with little or no assistance for longer

Our scale, sustainable business model and access to capital markets enable us to assume a leading role in our industry for finding and implementing solutions.

Materiality Analysis Shows the Key Sustainability Topics for Vonovia

Process & result of the materiality analysis

Stakeholder survey: online survey (142), stakeholder interviews (42)

Assessment of business relevance and evaluation of the company impact via workshops

11 key topics

A1	A home at a fair rental level
A3	Adequate products and services in relation to demographic change
A5	Customer satisfaction and service quality
B1	Neighborhood development and contribution to infrastructure
C1	Sustainable new construction and refurbishment
D1	CO2 reduction of existing buildings
D2	Renewable energies and energy mix
E1	Attractiveness as an employer
E4	Diversity and equal opportunities
F1	Governance and compliance
G5	Capital markets appeal

Vonovia's Sustainability Targets

Customer satisfaction & service quality

Increase customer satisfaction (Customer Satisfaction Index, CSI) - ~0.5 %points p.a.

Workforce gender Diversity

Increase in the proportion of women in the top two management levels below the

Management Board - ~26%

Agenda

Vonovia's Climate Path towards CO2 Neutrality through Continued Modernization, Renewable Energy and Sector Coupling

Illustration of different climate path scenarios 2020-2050 (CO2 intensity)

CO2/kg/sqm

2020E

2030E

2040E

2050E

Energy efficient modernization rate Germany (1%)

Energy efficient modernization rate Vonovia (3%) -60% reduction, 3% energy efficient modernization rate -60% reduction, 3% energy efficient modernization rate + gas condensing & solar thermal technology -60% reduction, 3% energy efficient modernization rate + proprietary district heating, sector coupling / or + heat pump / or + PV Target path of German government 2030 / scenario for climate neutral housing portfolio

CRREM 2-degree path 04/2020

Target corridor

Note: This climate path refers to the German portfolio; we are in the process of developing separate climate paths for the portfolios in Austria and Sweden. Source: Fraunhofer ISE modelling of Vonovia portfolio. Reduction of energy need of 160 kWh towards 60% through the following measures: Building envelope (insulated facade, windows) to become KFW Standard 100-70; scenarios 2 and 3 include the simulation of a change of energy sources. 1 In order to achieve the climate neutral case certain regulatory adjustments still need to be made and not all of the technological concepts have been fully developed yet.

Modernization of Building Envelope plus Fuel Switch for the Portfolio

Vonovia Portfolio - Energy Efficiency Class Distribution (%) (kWh/sqm/year) 2019 data

25.4

A+ below 30

A 30 - below 50

B 50 - below 75

C 75 - below 100

D 100 -E 130 -F 160 -G 200 -below 130 below 160 below 200 below 250

H more than 250

no classification

26.8%73.2%

Vonovia's CO2 reduction strategy

Energy-efficient modernization of ca. 3%

Continue building modernization with even greater depth (up to 60%)

Additional efficiency gains from fuel switch & renewable energy (generated, stored and used locally):

Green district heatNew technologies

Sector coupling in the neighborhood

(PV & mobility)

New construction: CO2 optimized, use of renewable energy (energy efficiency class A and better)

Environment KPIs

Methodology & Framework

GHG Protocol

All buildings (incl. listed buildings)Sqm numbers in line with GdW and

Initiative Wohnen.2050 standard based on lettable area (not total building sqm, which would be ca. 1.2x larger)

Energy consumption (kWh/sqm)1

CO2e intensity (kg CO2/sqm)1

2019163 2019

2020157 2020

Scope 1, 2 and 3 2

Scope 1 and 2

Scope 1, 2 and 3 2

Consumption based on EPCsGEMIS factors

Scope 1 and 2

47.0

41.8

43.9 39.9

CO2e emissions, Scope 1 and 2 (2019)1

CO2e Emissions by energy source

(2019)1

Scope 1

Scope 2

1 German portfolio. 2 energy related scope 3 emissions 3 Incl. portfolios in Austria and Sweden.

Natural gasHeating oilCoalElectricityDistrict heating

Electricity for common areas

PV installations

("1,000 roof program")3

2019295

2020424

Solar power generation

5,652 MWh

7,324 MWh

Technologies for Reaching Climate Path Objectives Innovation for CO2-neutral Heat Generation

Existing technologies

Innovation for CO2-neutral Heat Generation

Continue energy efficient building modernization with a 60% reduction rate for post-refurbishment energy need

Replacement of oil heating systems with gas condensing boilers

Hybrid heating (combination of condensing boilers and solar, renewable)

Heat pumps

Green district heat

Sector coupling

Tomorrow's Energy Center

Construction of a proprietary research center in Bochum Weitmar to develop renewable energy systems

Integration of technologies such as fuel cells, electrolyzer, etc.

The objective is to evaluate different technologies in terms of economic and ecological impact with a view to roll them out in other neighborhoods of our portfolio

Pellet Heating Project

Pellet heating is almost climate neutralParticularly suitable in connection with local district heating

Pellet costs are similar to gas costs; heating plants are more expensive

When subsidized, pellet heating is a viable ecological and economically feasible alternative

First concepts for potential pilots underway

Energiesprong - Serial Refurbishment

Concept for cost-neutral modernization by combining serial refurbishment and the integration of renewable heat and electricity

First pilot in Bochum about to be implemented;

Additional pilots planned until 2024

Hydrogen Technology

Decentralized generation of green hydrogen via PV

Areas of application:

Hydrogen storage for subsequent heat generation

Disposal of hydrogen

Technology currently still too expensive; a growing market is expected to lead to substantial cost reductions, rendering H2 economically feasible

page 16

Energy Innovation Center Bochum Weitmar

Together with renowned Fraunhofer Institutes, Vonovia is implementing a 3yr-hands-on innovation project as part of Open District Hub e. V. in our neighborhood in Bochum-Weitmar to develop and test new technologies in ongoing operations.

The aim is to supply the neighborhood with largely carbon-neutral electricity & heating. We aim to achieve this by linking the energy sectors via a central platform.

A smart, self-learning energy management system then ensures that the right energy is distributed to tenants when they need it - at electric charging stations, in the form of electricity for tenants' own households or in the form of heating.

LevelMeasure

Implementation of measures that do not involve any structural intervention, e.g., optimized heating system settings

Digitalization of buildings and apartments, e.g., to feature smart meters

Energy-efficient refurbishment, e.g., measures relating to the building shells and heating systems

• 4 Infrastructure for e-mobility, e.g., charging stations and e-wall socketsSustainable energy supply, e.g., photovoltaic systems for tenant electricity

Building digitalization and networking

Sector coupling (heat, electricity, mobility, etc.) in the neighborhood via digital platform

Storage and distribution of energy generated in a decentralized structure enables on-site consumption

Promotion of biodiversity

New Construction and Development Projects are Sustainable and CO2-optimized

Vienna (Marina Tower)

• - ca. 500 condominiums

• - ÖGNI NH Certificate Gold / klimaaktiv Gold Certificate

• - Low-emission and low-pollution building materials

• - Sustainable mobility concept

Buchloe (An der Halde)

• - New construction of 27 apartments (50% of them barrier-free)

• - Wood hybrid construction

• - Energy efficiency class A+ / Standard KfW 55

• - Pellet heating incl. earth bunker

Berlin-Grünau (Pilot Houses)

• - 2-5 room apartments

• - Wood-hybrid construction

• - Low-emission and low-pollution building materials

-Low-energy houses Standard KfW 40

New construction projects geared towards energy efficiency

Use of renewable energies (PV, CO2, renewable heating)Mainly A+ KfW Program 55

Objective 2020

85% of new constructions with energy efficiency class A / KfW 55 standard

Promotion of Biodiversity in Our Neighborhoods

Vonovia facts

15 million square meters of green spaces

220,000 trees

23 tree species, 20 of which are climate-resistant

1,000 replacement plantings

300 km hedges

Cooperation with NABU NRW

Cooperation with NABU NRW since the end of 2019 and other partners (Animal Aided Design, Emscher Genossenschaft Innovation City, ...)

Nationwide cooperation with NABU in preparation from 2021

Central cooperation for neighborhood development: Pilot project launched in Bochum-Weitmar

Measures implemented

•  Nesting aids for bats and birds / Elements for facade greening

•  approx. 100,000 sqm wildflower meadow

•  Green roofs

•  Ecological pruning

Products

Wildflower meadow with nesting aids (insect habitats)

Roof/facade greeningOrganic tenant gardensFloristic resilience and diversityEcological pruning

Rainwater Management

Vonovia's Green Bond Framework at a Glance

Vonovia has established a Green Bond Framework under which the company aims to issue Green Bonds to support its sustainability strategy

Aligned with Green Bond Principles 2018 (GBP) overseen by the International Capital Markets Association (ICMA)

Contributing to the United Nations Sustainable Development Goals

Inaugural green bond issued on March 17:10-year maturity€600m volume0.625% coupon

Green Finance Committee will oversee the evaluation and selection of eligible projects

3 Eligible Green Categories:

Green buildings and energy efficiency

Renewable energyClean transportationEligible Green Register to track net proceeds with bond-by-bond approach

Full allocation within 2 years following each bond issuanceAllocation reporting with list of financing per category and unallocated proceeds

Impact reporting with details on Environment impact of the projects financed

Inaugural Green Bond issuance: Focus on green buildings in Germany

Five Areas of Action to Achieve CO2-neutral, Energy-autonomous Neighborhoods for a Decentralized Energy Revolution

Renovation rate

Increase renovation rate and enable

Energiesprong

(energy efficiency leap) through high-quality, swift, and affordable renovation

Spread between gas and electricity needs to be further reduced to enable electricity-based, low CO2 heat supply

Renewables

Include landlord-to-tenant electricity in recoverable expenses

Resi sector needs to be included in national Hydrogen Strategy

As a leader for climate protection in the residential sector Vonovia hosted the climate conference "Outlook for Climate-neutral Living" in Berlin on October 1, 2020.

System change

Accelerate conversion of the electrical energy system

Modify regulation to support decentraliz-ed electricity productionPromote new energy markets for the financing of flexible electricity generators

Mobility

Accelerate charging infrastructure and market availability of e-vehicles thorough tailored subsidy programs for resi sectorEstablish standards for technical connection needs of grid operators plus grandfathering clause for installing charging stations

Stakeholders

Simplify landlord-to-tenant electricity models in resi sector

Raise awareness why we need energy transitionFacilitate landlord-to-tenant electricity in multifamily housing

Three essentials

• Continued modernization rate • Adequate subsidy regime • No grid fees or surcharges on decentralized and self-generated electricity

Update on Regulation (I)

CO2 tax

As of January 1, 2021, CO2 emissions from fossil heating and fuel in Germany are taxed at a rate of €25 per ton of CO2; this rate will increase to as much as €55 by 2025 Based on current legislation, the tax is fully recoverable and borne by tenants A discussion is underway about how the CO2 tax should be shared between tenant and landlord, also with a view towards setting the right incentives for energy savings Because the CO2 emission of a building is determined by tenants' heating consumption and the energy efficiency of the building, Vonovia supports a burden sharing between tenants and landlords based on the building's energy efficiency

Renewable Energy Act (Erneuerbare-Energien-Gesetz)

Better incentives for landlord-to-tenant electricity models Improved conditions for on-site energy generation "Neighborhood concept" - electricity can now be consumed by tenants in other buildings in the neighborhood, not only in the building in which it was generated Vonovia Proposal More efficient energy class lower Landlord's contribution to CO2 tax higher Less efficient energy class

Update on Regulation (II)

Federal Funding Regulation for Energy- efficient Buildings ("Richtlinie für die Bundes- förderung für effiziente Gebäude - Wohngebäude, BEG WG") law enacted	Scope and content of the regulation	Developed by Germany's Federal Ministry for Economic and Energy Affairs; effective on July 1, 2021 The goal was to harmonize the different subsidy regulations and combine them into one single, comprehensive subsidy program for existing and new buildings The objective is to set adequate incentives for owners to substantially increase investments in energy-efficiency and renewable energy Subsidies are determined by the amount of energy efficiency gains and the proportion of renewable energy contribution in heating supply resulted from projects and can be as high as 45% of an investment amount up to €120k/apartment Flexible funding format - applicants can choose between investment grants or subsidized loans Targeted subsidy volume is €32bn p.a. until 2030
Expected impact on Vonovia	Increased investment volume in energy efficient modernization Acceleration of CO2 reduction efforts Additional NAV growth Increased modernization depth Rental growth and investment yields expected to remain broadly similar Higher EBITDA contribution in the Value-add segment from increased volume through Vonovia craftsmen organization Improved social acceptance of energy-efficient modernizations because of reduced modernization allowance and increased savings on heating bill Vonovia is reviewing its Upgrade Building Program and portfolio in light of the new regulation to achieve the best possible outcome for our stakeholders by selecting the right subsidy elements for each individual project

Agenda

Balanced Stakeholder Approach

Self-imposed obligation to cap modernization rent increases to max.

€2 per sqm; Guarantee to tenants 70+ years that rents will remain affordable even if market rents changeHardship case management to effectively assist tenants in financial distressCOVID-19 - special promise that we will find individual solutions for tenants who struggle financially; no one to lose the roof over their head

Culture & change - we share a common culture of diversity, performance and appreciation in an developing organization that embraces change

Vonovia Service App

135,000 downloads 45,000 users

Vonovia's customer service app for tenants and potential tenants Full customer life cycle in one app

Communication Digital postboxNews FeedMicro surveys	Transparency Ancillary expenses: online receipts and billing Status of submitted requestsPush notifications
Self-service Online-booking of repairsAccount managementDocument management	Upgrades planned for 2021 Digital rental contractApartment search Monitoring of heating and water consumption

Apartment searchPreferences / profilesPlatform potentail

Potentialtenant

New tenantExisting tenant

Self service TransparencyDigital rental contractCross selling

Seamless transformation

Preferred search requests

Neighborhoods / Urban Quarters

"In residential real estate, a neighborhood, or urban quarter, is usually defined as a cohesive urban structure that is considered by its inhabitants as a self-contained area. It is the predominant aggregation level where a real estate company can make the

biggest difference and most positive contribution for inhabitants."1

Every urban quarter is unique…

Approx. three quarters of Vonovia's German portfolio are located in almost 600 urban quarters, each with an average of 430 apartments. This is the right level to manage the megatrends.

1 Source: GdW (Association of German Housing Companies)

Properties

Location, construction year, infrastructure, investment potential, competition, urban development

Customers

Existing and potential tenants, age structure, diversity, purchasing power

Big Picture

Urbanization, climate change, ageing population, integration

… but for each one we pursue a holistic approach

Neighborhood Development Projects

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 urban quarter's environment.

Bielefeld (2017)

Sennestadt 314 apartments 4 years construction time €16m investment

Frankfurt (2017)

Knorrquartier 150 apartments 2 years construction time €15m investment

Dortmund (2017)

Westerfilde Nord + Süd 658 apartments 3 years construction time €28m investment

Essen (2016)

Eltingviertel 424 apartments 5 years construction time €27m investment

Aachen (2016)

Preuswald 397 apartments 3 years construction time €10m investment

Bochum (2019)

Weitmar 574 apartments 4 years construction time €81m investment

Duisburg (2019)

Hüttenheim 240 apartments 3 years construction time €27m investment

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

675 apartments 5 years construction time €32m investment

Hamburg (2018)

Wilhelmsburg

1,451 apartments

5 years construction time €90m 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 €43m investment

Kiel (2018)

Gaarden (Förde)

Wustermark (2020)

Elstal

70 apartments

4 years construction time

€8m investment

Kornwestheim (2019)

Südkorn

288 apartments

4 years construction time €34m investment

Support for Social and Community Activities in Our Neighborhoods

We get involved on site - for different projects and associations, so that our tenants feel comfortable in their neighborhood and home.

New football field in Cologne - Gremberg	Vonovia supports the City of Cologne and the Lukas Podolski Foundation in Cologne-Gremberghofen Construction of a new modern and functional soccer field and youth club with many sports and vacation offers The land was made available by Vonovia free of charge for 10 years
Strengthen Parents International	Vonovia tenant foundation supports project "Strengthen Parents International The offer is aimed specifically at parents of refugee families, who are to be respectfully supported and strengthened.
Dementia residential Dementia WG housing	Vonovia cooperates with the service provider Humanika and has set up a dementia home for ten residents. People receive assistance in coping with everyday life and, if necessary, medical care.

Agenda

Highly Robust Governance

Dedicated ESG Department reporting directly to the CEO; The Supervisory Board monitors ESG issues in the Audit Committee;

Sustainability Committee meets at regular intervals and on a need-basisNumerous policies published (e.g. human rights, whistleblower, tax understanding, etc.) Committed to ILO Core Labor Standards and UN Global Compact on

Human Rights

Sustainability Performance Index (SPI)

Vonovia has established the Sustainability Performance Index with quantitative, non-financial KPIs to measure sustainability performance in the most relevant areas

SPI reporting is audited by our statutory auditor1

The SPI is a relevant criterion in the long-term incentive plan for the executive board2 as well as for the leadership group below the executive management

To achieve the target of 100%, all six individual targets must be fully achieved

SPI

2020 Actuals	2021 Targets	Medium-term Targets
1	CO2 intensity in the portfolio3	43.9 (kg CO2e/sqm p.a.)	Reduction of at least 2%	<40 (kg CO2e/sqm/p.a.)
2	Average primary energy need of new constructions	35.7 (kWh/sqm p.a.)	Substantial increase4	~33 (kWh/sqm p.a.)
3	Ratio of senior-friendly apartment refurbishments among all new lettings3	30.1%	~30%	~30%
4	Customer satisfaction3	+8.6%	In line with prior-year level	Avg. increase of ~0.5 %points p.a.
5	Employee satisfaction	No survey	Slight increase	Avg. increase of ~1.0 %point p.a.
6	Workforce gender diversity (1st and 2nd level below top mgt.)5	25.9%	In line with prior-year level	~26%
~100%

1 Limited assurance. 2 Subject to approval of the new executive management remuneration scheme by the AGM to be held on April 16, 2021. 3 Germany only at this point. 4 Initial increase because of projects approved in the past (prior to establishing the SPI) that will be completed in 2021. 5 Based on female representation within overall workforce.

Related page(s): 42-47

Recognition of ESG Performance

ESG Ratings and Indices

ESG Ratings

2016 2017 2018 2019 2020	Upgraded in both ratings in 2020; Risk rating within 1st percentile of global rating universe ESG Risk Rating 2020 100 ESG Company Rating 83 50 52 58 7.7 50 02017 2018 2019 2020
Upgraded from BBB to A 30% 20% 10% 0% CCCBBBBBBAAAAAA	Reduced from B to B- 40% 20% 0% D C B A
Upgraded from C- to C 40% 20% 0% D-DD+C-CC+B-BB+A-AA+	57 Inclusion in Dow Jones Sustainability Europe Index
Currently no participation. For more information please visithttps://investoren.vonovia.de/en/vonovia-at-a-glance/sustainability/

ESG Indices

Vonovia is a constituent of various ESG indices, including the following: DAX 50 ESG, STOXX Global ESG Leaders, EURO STOXX ESG Leaders 50, STOXX Europe ESG Leaders 50, Dow Jones Sustainability Index Europe.

Vonovia's Sustainability Organization

Board of Directors:

Defines sustainability strategy

Sustainability Committee:

Meets 3-4 times a year (Management Board / Heads of Sustainability, Communications. Investor Relations and Financial planning & Analysis) Sustainability Agenda Vonovia Decides on strategic directions and sustainability goals

Sustainability Department:

Further development of the

sustainability strategy & roadmap

Defines and monitors sustainability

goals

Implements sustainability projects

Oversees sustainability initiatives

Gives impetus and drives initiatives

Responsible for reporting, sustainability

report

Corporate Governance - AGM, Supervisory Board, Management Board

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 compliance with the German Corporate Governance Code.

In the two-tier governance system, the management and monitoring of the business are strictly separated from 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 Fitschen (Chairman)

Prof. Dr. Edgar Ernst

Burkhard Ulrich

DrescherVitus Eckert

Dr. Florian

FunckDr. Ute Geipel-FaberDaniel JustHildegard Müller

Prof. Dr. Klaus Rauscher

Dr. Ariane ReinhartClara-Christina

StreitChristian 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 Buch

Helene von Roeder

CRO

CDO

Arnd Fittkau

Daniel Riedl

EU Taxonomy

EU Strategy on Sustainable Finance

Sustainable finance / EU Taxonomy - EU classification framework for sustainable investments to redirect future investments streams

Vonovia refurbishment of around 3% rate in line with EU requirementRelevant screening criteria for real estate/construction:

Energetic renovation: reduction of primary energy demand of at least 30% compared to status before renovation - local standards GEGnew construction: primary energy demand must be lower than 20% than national net-zero-energy-building (NZEB); in Germany = GEG / EnEV 2016acquisitions & ownership of buildings: latest version refers to performance of buildings with EPC A

DNSH ( "do not significant harm criteria" ) to be defined in more detail and based on in place management-systems

Reporting processes need to be aligned with taxonomy criteria - Taxonomy compatibility expected to differ strongly with respect to CAPEX or turnoverTimeframe of Taxonomy implementation needs to be clearer - 2021 needs to be a transition year to prepare

Vonovia's Approach to Climate Action Reflects the TCFD Recommendations

Governance	Board responsibility for climate action, defines strategy and targets and monitors progressCentral Department Sustainability/Strategy to coordinate measures ESG Score as central management KPI including CO2-Intensity
Strategy	CO2 reduction in building stock & construction defined as major drivers for business strategyHigh modernization rate of ≥ 3% p.a. and fuel-switch to renewable energies Scenario modelling of climate pathways together with Fraunhofer Society
Risk Management	Climate change fully integrated in Corporate Risk Management Physical risks assessed via risk maps based on regularly updated sourcesNo material physical risks for Vonovia's properties identified
Metrics & Targets	1.147 mn t CO2e in portfolio in 2019 (scopes 1,2,3 acc. to GHG protocol)Targets: GHG neutral building stock until 2050CO2-intensity of 30-35 kg/m²/a until 2030

Disclaimer

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Tables and diagrams may include rounding effects. Per-share numbers for 2013 and 2014 are TERP-adjusted.