Vonovia : acute;s Residential Sustainable Approach Energy Efficiency in Construction and Housing (Webinar hosted by Kepler Cheuvreux)

Vonovia´s Residential Sustainable Approach

Energy Efficiency in Construction and Housing

Webinar hosted by Kepler Cheuvreux

December 15, 2020

Megatrends - Challenge & Opportunity

Energy

Urbanizationefficiency

An increasing part of the population	Ca. 1/3 of greenhouse gas
is moving into urban areas	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 embarked on a climate path that will result in 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.

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Serving a Fundamental Need in a Highly Relevant Market. Our Business Is Deeply Rooted in ESG

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.

All of our actions have more than just an economic dimension and require adequate stakeholder reconciliation.

Commitment to

climate protection

and CO2 reduction

1. S
   G

Responsibility

for customers, society

and employees

Reliable and transparent corporate

governance built on trust

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Update Sustainability at Vonovia

Sustainability		Vonovia has further developed its sustainability strategy, aligned it to ESG dimensions and
	defined targets.
Strategy
	Top sustainability issues for Vonovia were identified in a thorough materiality analysis.
UN Sustainability		8 of the 17 United Nations Sustainability Goals (SDGs), have been identified as essential
	and are part of our sustainability strategy.
Targets (SDGs)
	Our sustainability strategy has the largest impact on these SDG's.
Climate path / C02		Vonovia has defined a climate path for the portfolio to achieve a climate-neutral building
	stock by 2050.
reduction

• Vonovia hosted the Climate Conference "Perspectives for Climate-neutral Living" in October

Climate Conference		and presented itself as the driving force for climate protection in the housing industry.
Innovation		Innovative research center in Bochum Weitmar to develop solutions for CO2-neutral
	residential properties and sector coupling.
Renewable Energies
	Research in new technologies & use of renewable energies.
		Substantially improved ESG ratings. Sustainalytics (1st percentile worldwide), ISS Oekom
ESG ratings		(from D to C), MSCI (from B to A) CDP (from C to B).
improved		Inclusion in leading ESG indices such as DAX 50 ESG, STOXX Global ESG Leaders, STOXX
		Europe ESG Leaders 50, Dow Jones Sustainability Europe Index.
Sustainability		Development of a sustainability performance index for implementing non-financial KPIs in
Performance Index		the management system.
Energy Efficiency in Construction and Housing	page 4

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

Very	high
Very
high

Business relevance

stakeholders for Importance

		High
High	Effects on environment, society and	Very
	economy	high
Energy Efficiency in Construction and Housing	page 5

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
	Neighborhood development and contribution to
B1
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

CO2 reduction of existing buildings

≈ 3% annual modernization rate - CO2 Intensity: 30-35 kg CO2/sqm by 2030.

Sustainable and CO2- efficient new construction of buildings

85 % of completed new buildings in energy efficiency class A or better and set target on average primary energy need

Biodiversity

Expansion of wildflower meadows to 100,000 sqm and 100 insect habitats.

Low-barrier refurbishment

Maximize number of apartments with low barrier refurbishment.

Customer satisfaction & service quality

Increase customer satisfaction and our CSI.

Attractive employer - best in class

Increase employee satisfaction.

Workforce gender Diversity

Increase in the proportion of women in the top two management levels below the Management Board.

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Vonovia's Sustainability Strategy is Committed to 8 United Nations Sustainability Development Goals

We consider 8 of the 17 United Nations Sustainability Development Goals to be material to our business activities and aligned with our sustainability strategy. Our sustainability strategy is expected to have positive impacts on these important goals.

 Employer	 Renewable	 Capital markets	 Adequate
attractiveness	energies &	appeal	products and
 Diversity and	energy mix	 Governance &	services in
equal		compliance	relation to
opportunity			demographic
			change

 Neighborhood	 CO2 reduction of	 Biodiversity and	 Partnerships /
development and	existing	water	holdings
contribution to	buildings
infrastructure	 Energy-efficient
 Sustainable new	modernization
construction and
refurbishment
 A home at a fair
rental level

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Large Share of CO2 Emissions in Germany is Related to Real Estate

Europe

Germany

Paris Climate	Climate protection
Accord: Limiting	plan of the German
government
global warming to	Climate neutral
below 2 degrees	building stock until
	2050

EU Renovation Wave: doubling the modernization rate

The energy and building sectors account for a total of 30-40% of CO2 emissions, of which 14% in the building sector

Defined interim targets in the building sector: In 2030, a maximum of 72 million tons of CO2/year may be emitted.

2018 - 2030 -> 40 % reduction

CO2 pricing to facilitate reaching the climate targets: CO2 tax to be introduced starting in 2021

1% refurbishment rate in Germany is not sufficient to meet climate targets

The preservation and creation of new affordable housing is a central goal in

connection with climate protection

Our Ambition: Vonovia is a driving force in the housing industry on the way

to a climate-neutral building stock

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

Illustration of different climate path scenarios 2020-2050
CO2 intensity				1
					Base case
	50
					Increased modernization
	45					depth (ca. 60% reduction)
	40
	35			Germany 1%	2
sqm
30				Hybrid case
/						Increased modernization
/ kg	25					depth (ca. 60% reduction) +
2				1		gas condensing + solar
CO	20				thermal technology
	15			2
	10				3	Climate neutral case2
	5
			3		Conversion to green district
	0					heating, sector coupling and
					renewable energy
	2020E	2030E	2040E	2050E
		(heat pump / PV)

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. 2 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.

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Modernization of Building Envelope plus Fuel Switch for the Portfolio

Environment

Vonovia Portfolio - Energy Efficiency Classes

Portfolio in %. Energy efficiency classes (kWh(m²*a)) 2019

30
		25.4
25
		20.2
20		19.2

15.4

15

10

7.0

5.9

5		3.8

2.7

0.1 0.5

0
A+	A	B	C	D	E	F	G	H	no
	below	30 -	50 -	75 -	100 -	130 - 160 - 200 -	more classification
30	below	below	below	below	below	below	below	than
		50	75	100	130	160	200	250	250

26.8%

Modernization

Fuel switch / renewable

energy

Vonovia's Climate 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:

Green district heat

New technologies

Sector coupling in the neighborhood (PV & mobility)

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

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

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

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

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

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

Heat pumps

Green district heat

Sector coupling

Pellet Heating Project

Pellet heating is almost climate neutral

Particularly 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

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

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New Construction and Development Projects are Sustainable and
CO2-optimized	Environment

Vienna, Marina Tower

• ca. 500 condominiums
• ÖGNI NH Certificate Gold / klimaaktiv Gold Certificate
• Low-emissionand 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

• 2-5room apartments
• Wood-hybridconstruction
• Low-emissionand low-pollution building materials
• Low-energyhouses Standard KfW 40

Bochum, Waldenburger Str.

• New construction of 14 apartments
• Fully automated pellet boiler
• Energy efficiency class A+ (heating)
• Photovoltaic system

New construction projects geared towards energy efficiency

Use of renewable energies (PV, CO2, renewable heating)

Mainly A+ KfW

Program 55

Objective 2020

85% New

construction better efficiency class A / KfW 55 standard

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

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.

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		System change		Mobility
Include landlord-to-		Accelerate		Accelerate charging
tenant electricity in		conversion of the		infrastructure and
recoverable		electrical energy		market availability
expenses		system		of e-vehicles
				thorough tailored
Resi sector needs to		Modify regulation to		subsidy programs
be included in		support decentraliz-		for resi sector
national Hydrogen		ed electricity		Establish standards
Strategy		production
				for technical
		Promote new		connection needs of
		energy markets for		grid operators plus
		the financing of		grandfathering
		flexible electricity		clause for installing
		generators		charging stations

Stakeholders

Simplify landlord- to-tenant electricity models in resi sector

Raise awareness why we need energy transition

Facilitate landlord- to-tenant electricity in multifamily housing

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

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Balanced Stakeholder Approach

Social

A home at a fair

rent level

Contribution to

		Self-imposed
		obligation to cap				COVID-19 - special
		modernization rent		Hardship case		promise that we will
		increases to max.			find individual
Fair rental levels for			management to
	€2 per sqm;			solutions for tenants
low- to mid-income			effectively assist
	Guarantee to tenants			who struggle
households			tenants in financial
	70+ years that rents			financially; no one to
			distress
		will remain affordable			lose the roof over
		even if market rents				their head
		change

society and

stability of local neighborhoods

Top employer

242 social projects in our neighborhoods; Cooperation with nonprofit organizations to support tenants in need

It is our ambition to be the best employer in the real estate and craftsmen industries

				34 Neighborhood
	Vonovia Foundation		managers and social		Customers from ca.
		workers to assist		150 different
	supports multitude of
		tenants and promote		countries and tenants
	social projects
		unity in diversity in		from all walks of life
				our neighborhoods
				Talents - we actively			Culture & change -
						we share a common
Employer appeal - we			support our
				culture of diversity,
	are an attractive			employees in their
					performance and
	employer for former,			development to
					appreciation in an
	current and future			become the experts
					developing
	employees			and leaders of our
					organization that
				industry
						embraces change

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Urban Neighborhoods are A Key Differentiator of Our Portfolio and the Right Level to Manage the Megatrends

Social

Urban neighborhoods are

...the right level to sustainably manage the megatrends,

...the right level for developing our 10 year master plan,

...our unique selling point!

Ca. 3/4 of our portfolio is located in almost 600 urban districts, each with an average of 430 apartments

Each neighborhood has individual challenges that need be taken into account:

Portfolio / properties

People

Urbanization, climate, demographics, mobility, integration

Our stock in urban Neighborhoods

circles & gradient mark location & quantity of quarters

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Binding Commitment - Sustainability Performance Index

Vonovia is in the process of developing and implementing a Sustainability Performance Index with quantitative, non-financial KPIs and medium-term targets until 2025.

		CO2 reduction in the portfolio
Specific annual		Energy-efficient new constructions
improvement		Volume of senior-friendly apartment refurbishments	Sustainability
			Performance
targets for each		Customer satisfaction	Index
score		Employee satisfaction
		Workforce gender diversity

Next steps

12/2020	Supervisory Board to decide on new management remuneration scheme to be presented to
the 05/2021 AGM for approval
03/2021	Updated Management System and reporting of 2019 and 2020 actuals plus 2021 guidance
(FY 2020 results)
04/2021	Sustainability Performance Index roadmap and targets for 2025
(2020 Sustainability
report)
05/2021	Resolution on new management remuneration scheme
(AGM)

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Contact

Rene Hoffmann		Catrin Coners
Head of Investor Relations		Head of Sustainability & Strategy
[phone]		[phone]
[e-mail]		[e-mail]

www.investors.vonovia.de

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BackUp

Energy Efficiency in Construction and Housing

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Energy Innovation Center Bochum Weitmar

In partnership with renowned Fraunhofer institutes, Vonovia is implementing a three-yearhands-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 of the project is to supply the neighborhood with electricity and heating that is as carbon-neutral as possible. 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.

Level		Measure		5
	1	Implementation of measures that do not involve any structural	7	6
Apartment	intervention, e.g., optimized heating system settings
	Digitalization of buildings and apartments, e.g., to feature smart	1
	2
		meters
	3	Energy-efficient refurbishment, e.g., measures relating to the
		building shells and heating systems		8
		socketsInfrastructure for e-mobility, e.g., charging stations and e-wall
Building	4
	5	Sustainable energy supply, e.g., photovoltaic systems for tenant	2
		electricity		3
	6 Building digitalization and networking
	7	Sector coupling (heat, electricity, mobility, etc.) in the		4
Neighborhood		neighborhood via digital platform
8	Storage and distribution of energy generated in a decentralized
		structure enables on-site consumption
	9	Promotion of biodiversity	9

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Promotion of Biodiversity in Our Neighborhoods

Environment

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

Products

Wildflower meadow with nesting aids (insect habitats)

Roof/facade greening

Organic tenant gardens

Floristic resilience and diversity

Ecological pruning

Rainwater Management

Measures implemented

• Nesting aids for bats and birds / Elements for facade greening
• approx. 100,000 sqm wildflower meadow
• Green roofs
• Ecological pruning

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Vonovia's Sustainability Organization

Governance

Vonovia Management Board

CEO

CRO

CFO

CDO

Sustainability

Board

Sustainability

Department

Pilot	Exchange platforms
Projects
Initiatives/ Cooperations	Research
assignments

Regions (Asset & Property Management)

Value Add (modernization & residential environment)/ Development

	Compliance				Innovation &
		Portfolio
	Officer		Management		Business Building				Operational
									departments

Board of Directors:

Defines sustainability strategy

Sustainability Committee:

Meets 3-4 times a year (Management Board / Heads of Sustainability, Communications and Financial Planning & Analysis)

Sustainability Agenda

Decides on strategic directions and sustainability goals

Sustainability Department:

Further development of the sustainability strategy & roadmap

Defines & monitors sustainability targets

Implements sustainability projects Gives impetus and drives initiatives

Responsible for reporting & sustainability report, ratings

Implementation of sustainability aspects in departments and operational units

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Highly Robust Corporate Governance

Governance

Governance

	Dedicated ESG	Numerous policies
	Department reporting
	published (e.g. human
Highly robust governance	directly to the CEO;
rights, whistleblower, tax
structure with two-tier	The Supervisory Board
understanding, etc.)
board system and fully	monitors ESG issues in the
Committed to ILO Core
independent supervisory	Audit Committee;
Labor Standards and UN
board	Sustainability Committee
Global Compact on Human
	meets at regular intervals
	Rights
	and on a need-basis

Roadmap

2020/2021

In the process of	Further development of
developing a concept for	Continued progress on
sustainability risk
anchoring TCFD in our	ESG Ratings and inclusion
management and
sustainability reporting	in leading ESG indices
environmental controlling
and adopting EU taxonomy

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Recognition of ESG Performance

ESG Ratings and Indices

ESG Ratings

					Gold Award for three consecutive years						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
2016	2017			2018/19		2020							0
									2017		2018		2019	2020
							Upgraded from BBB to A								Upgraded from C to B- in 2020
30%												40%
20%												20%
10%
0%												0%
CCC	B	BB	BBB	A	AA	AAA		D-	D	C-			C	B-		B		A-	A
							Upgraded from C- to C in 2020
40%														No participation in 2020. See Vonovia's open letter at
20%														https://investors.vonovia.de/websites/vonovia/English/4080/news-
														detail.html?newsID=2024595&type=corporate
0%												Constructive dialogue with GRESB to try and enable participation
	D- D D+ C-		C C+ B-	B B+ A-	A A+							going forward

ESG Indices

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

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Governance Structure

Governance

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-tiergovernance 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	Prof. Dr.	Burkhard Ulrich	Vitus	Dr. Florian	Dr. Ute
Fitschen	Edgar Ernst	Drescher	Eckert	Funck	Geipel-Faber
(Chairman)

Daniel	Hildegard	Prof. Dr.	Dr. Ariane	Clara-Christina	Christian
Just	Müller	Klaus Rauscher	Reinhart	Streit	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	Helene
Buch	von Roeder

CRO	CDO
Arnd	Daniel
Fittkau	Riedl

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Disclaimer

This presentation has been specifically prepared by Vonovia SE and/or its affiliates (together, "Vonovia") for internal use. Consequently, it may not be sufficient or

appropriate for the purpose for which a third party might use it.

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 Vonovia ("forward-looking statements") which reflect various assumptions concerning anticipated results taken from Vonovia's current business plan or from public sources which have not been independently verified or assessed by Vonovia and which may or may not prove to be correct. Any forward-looking statements reflect current expectations based on the current business plan and various other assumptions and 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. Any forward-looking statements only speak as at the date the presentation is provided to the recipient. It is up to the recipient of this presentation to make its own assessment of the validity of any forward-looking statements and assumptions and no liability is accepted by Vonovia in respect of the achievement of such forward-looking statements and assumptions.

Vonovia accepts no liability whatsoever to the extent permitted by applicable law for any direct, indirect or consequential loss or penalty arising from any use of this presentation, its contents or preparation or otherwise in connection with it.

No representation or warranty (whether express or implied) is given in respect of any information in this presentation or that this presentation is suitable for the recipient's purposes. The delivery of this presentation does not imply that the information herein is correct as at any time subsequent to the date hereof.

Vonovia has no obligation whatsoever to update or revise any of the information, forward-looking statements or the conclusions contained herein or to reflect new events or circumstances or to correct any inaccuracies which may become apparent subsequent to the date hereof.

This presentation does not, and is not intended to, constitute or form part of, and should not be construed as, an offer to sell, or a solicitation of an offer to purchase, subscribe for or otherwise acquire, any securities of the Company nor shall it or any part of it form the basis of or be relied upon in connection with or act as any inducement to enter into any contract or commitment or investment decision whatsoever.

This presentation is neither an advertisement nor a prospectus and is made available on the express understanding that it does not contain all information that may be required to evaluate, and will not be used by the attendees/recipients in connection with, the purchase of or investment in any securities of the Company. This presentation is selective in nature and does not purport to contain all information that may be required to evaluate the Company and/or its securities. No reliance may or should be placed for any purpose whatsoever on the information contained in this presentation, or on its completeness, accuracy or fairness.

This presentation is not directed to or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction.

Neither this presentation nor the information contained in it may be taken, transmitted or distributed directly or indirectly into or within the United States, its territories or possessions. This presentation is not an offer of securities for sale in the United States. The securities of the Company have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act") or with any securities regulatory authority of any state or other jurisdiction of the United States. Consequently, the securities of the Company may not be offered, sold, resold, transferred, delivered or distributed, directly or indirectly, into or within in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States unless registered under the Securities Act.

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

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