Not for distribution in the United States of America

Deutsche Wohnen SE (incorporated in Germany as a European stock corporation)

€500,000,000 1.00% Fixed Rate Notes due 2025 ISIN DE000A289NE4, Common Code 216623380 and German Securities Code (WKN) A289NE Issue Price: 98.910% €500,000,000 1.50% Fixed Rate Notes due 2030 ISIN DE000A289NF1, Common Code 216623509 and German Securities Code (WKN) A289NF Issue Price: 98.211% Deutsche Wohnen SE, Berlin, Germany (the “Issuer” or the “Company”, and together with its fully consolidated subsidiaries from time to time, the “Group”, “Deutsche Wohnen” or “Deutsche Wohnen Group”) will issue notes in the aggregate principal amount of €500,000,000 due 2025 (the “2025 Notes”) and notes in the aggregate principal amount of €500,000,000 due 2030 (the “2030 Notes” and, together with the 2025 Notes, the “Notes” and each a “Series of Notes”). The 2025 Notes will bear interest at a rate of 1.00% and the 2030 Notes of 1.50% per year. The Issuer will pay interest on the Notes annually in arrears on April 30, commencing on April 30, 2021. The Notes, which are governed by the laws of the Federal Republic of Germany (“Germany”), will be issued in a denomination of €100,000 each. The Notes will constitute direct, unconditional, unsecured and unsubordinated obligations of the Issuer, ranking pari passu among themselves and pari passu with all other unsecured and unsubordinated obligations of the Issuer, unless such obligations are accorded priority under mandatory provisions of statutory law. Unless previously redeemed or purchased and cancelled in accordance with the terms and conditions of the Notes (the “Terms and Conditions”), the 2025 Notes will be redeemed at par on April 30, 2025 (the “Notes 2025 Maturity Date”). Unless previously redeemed or purchased and cancelled in accordance with the Terms and Conditions, the 2030 Notes will be redeemed at par on April 30, 2030 (the “Notes 2030 Maturity Date”). Each Series of Notes may be redeemed before their respecitve maturity date, in whole but not in part, at their principal amount, together with accrued interest, if any, notably in the event of any change in taxation or in an event of default, see “2 Terms and Conditions of the 2025 Notes and 2030 Notes—§ 6 Redemption—(2) Early Redemption for Reasons of Taxation” and “2 Terms and Conditions of the 2025 Notes and 2030 Notes—§ 10 Events of Default”. The Issuer will have the option to redeem each Series of Notes prior to their respective maturity date, in whole but not in part, at their principal amount, together with accrued interest, if any, and a premium, see “2 Terms and Conditions of the 2025 Notes and 2030 Notes—§ 6 Redemption−(4) Early Redemption at the Option of the Issuer (Make-Whole)”. If a change of control occurs, each holder of the Notes (a “Holder”) will have the option to require the Issuer to redeem or, at the Issuer’s option, repurchase all or part of the Notes held by such Holder at 101% their principal amount together with accrued interest, if any, see “2 Terms and Conditions of the 2025 Notes and 2030 Notes—§ 6 Redemption−(5) Early Redemption at the Option of the Holders upon a Change of Control”. On issue each Series of Notes is expected to be rated A- by S&P Global Ratings Europe Ltd. (“S&P”) and A3 by Moody’s Investors Service Limited (“Moody’s”). At the date of this prospectus (the “Prospectus”), the Issuer has a long-term corporate rating of A- (negative outlook) assigned by S&P and A3 (negative outlook) assigned by Moody’s. A rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, change or withdrawal at any time by the assigning rating agency. At the date of this Prospectus, S&P and Moody’s are established in the European Union or the United Kingdom, respectively, registered under Regulation (EC) no. 1060/2009 of the European Parliament and of the Council of September 16, 2009 on credit rating agencies, as amended (the “CRA Regulation”) and included in the list of registered credit rating agencies published by the European Securities and Markets Authority on its website (www.esma.europa.eu) in accordance with the CRA Regulation. The Notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) and are being offered and sold in transactions outside the United States of America (“United States”) to non-U.S. persons (as defined in Regulation S under the Securities Act (“Regulation S”)) in reliance on Regulation S under the Securities Act. Each Series of Notes will be represented by a global note in bearer form without interest coupons (each a "Global Note"). Each Global Note will be deposited prior to the issue date with Clearstream Banking Aktiengesellschaft, Eschborn ("Clearstream Frankfurt"). The Issuer will appoint Clearstream Frankfurt as its book-entry registrar in respect of the Notes under a book- entry registration agreement. Clearstream Frankfurt will agree to maintain a register showing the aggregate number of the Notes represented by each Global Note under the name of Clearstream Frankfurt, and Clearstream Frankfurt will agree, as agent of the Issuer, to maintain records of the Notes credited to the accounts of the accountholders of Clearstream Frankfurt for the benefit of the holders of the co-ownership interests in each Global Note, and the Issuer and Clearstream Frankfurt will agree, for the benefit of the holders of co-ownership interests in each Global Note, that the actual number of Notes from time to time shall be evidenced by the records of Clearstream Frankfurt. Prospective investors should be aware that an investment in the Notes involves risks and that if certain risks, in particular those described under “Risk Factors”, occur, the investors may lose all or a very substantial part of their investment. Investors should make their own assessment as to the suitability of investing in the Notes. This Prospectus has been prepared on the basis that all offers of Notes will be made pursuant to an exemption under Regulation (EU) 2017/1129 of the European Parliament and of the Council of June 14, 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC, as amended (the “Prospectus Regulation”), from the requirement to produce a prospectus in connection with offers of securities and is thus, for the purposes of the offering of the Notes, not a prospectus within the meaning of the Prospectus Regulation. Accordingly, any person making or intending to make any offer of the Notes which are the subject of the offering contemplated in this Prospectus within the European Economic Area (“EEA”) and the United Kingdom (“UK”) should only do so in circumstances in which no obligation arises for the Issuer or the Joint Bookrunners to produce a prospectus for such offers. None of the Issuer, or the Joint Bookrunners has authorized, nor do they authorize, any offer of Notes through any financial intermediary, other than offers made by the Joint Bookrunners which constitute the final placement of the Notes contemplated in this Prospectus. Application has been made to the Luxembourg Stock Exchange for both Series of Notes to be listed on the official list of the Luxembourg Stock Exchange (Bourse de Luxembourg) and to be admitted to trading on the regulated market of the Luxembourg Stock Exchange (Bourse de Luxembourg) (the “Listing”). The regulated market of the Luxembourg Stock Exchange (Bourse de Luxembourg) is a regulated market for the purposes of Directive 2014/65/EU of the European Parliament and of the Council of May 15, 2014 on markets in financial instruments, as amended. Only for purposes of the Listing, this Prospectus constitutes a prospectus within the meaning of the Prospectus Regulation (i.e. a listing prospectus according to Articles 3.3 and 6 of the Prospectus Regulation). By approving a prospectus, the Commission de Surveillance du Secteur Financier (the “CSSF”), as the competent authority under the Prospectus Regulation, only approves the prospectus as meeting the standards of completeness, comprehensibility and consistency imposed by the Prospectus Regulation. Such approval should not be considered as an endorsement of the Issuer that is the subject of the prospectus. By approving a prospectus, the CSSF shall give no undertaking as to the economic and financial soundness of the operation or the quality or solvency of the issuer pursuant to Article 6 para. 4 of the Loi relative aux prospectus pour valeurs mobilières. For the purposes of the Listing and depending on the date of the approval, the Prospectus will be valid until April 28, 2021 and may in this period be used for admission of the Notes to trading on a regulated market. In case of a significant new factor, material mistake or material inaccuracy relating to the information included in the Prospectus which may affect the assessment of the Notes, the Issuer will prepare and publish a supplement to the Prospectus without undue delay in accordance with Article 23 of the Prospectus Regulation. The obligation of the Issuer to supplement the Prospectus will cease to apply once the Notes have been admitted to trading on the regulated market of the Luxembourg Stock Exchange (Bourse de Luxembourg) and at the latest upon expiry of the validity period of this Prospectus. This Prospectus does not constitute an offer to sell, or the solicitation of an offer to buy Notes in any jurisdiction where such offer or solicitation would be unlawful. The Notes are subject to U.S. tax law requirements and may, subject to certain exceptions, not be offered, sold or delivered within the United States or to U.S. persons. For a further description of certain restrictions on the offering and sale of the Notes and on the distribution of this Prospectus, see “4.2 Selling Restrictions” below. Joint Global Coordinators and Joint Bookrunners Deutsche Bank Goldman Sachs J.P. Morgan

Joint Bookrunners BNP PARIBAS UniCredit Bank

The date of this Prospectus is April 28, 2020

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FRANKFURT:117502.12

RESPONSIBILITY STATEMENT

The Issuer is solely responsible for the information given in this Prospectus. The Issuer hereby declares that the information contained in this Prospectus for which it is responsible, is, to the best of its knowledge, in accordance with the facts and contains no omission likely to affect its import. This Prospectus should be read and understood in conjunction with all information incorporated herein by reference.

NOTICE

This Prospectus should be read and construed with any supplement thereto and with any other information incorporated by reference in relation to the Notes. The information contained in this Prospectus has been provided by the Issuer and the other sources identified herein. To the fullest extent permitted by law, no representation or warranty is made or implied by Deutsche Bank Aktiengesellschaft, Frankfurt am Main, Federal Republic of Germany (“Deutsche Bank”), Goldman Sachs International, London, United Kingdom (“Goldman Sachs”), J.P. Morgan Securities PLC, London, United Kingdom, (“JP Morgan”), BNP Paribas, London, United Kingdom (“BNP Paribas”) and UniCredit Bank AG, Munich, Federal Republic of Germany (“UniCredit”) (together the “Joint Bookrunners”) or any of their respective affiliates, and neither the Joint Bookrunners nor any of their respective affiliates make any representation or warranty or accept any responsibility, as to the accuracy or completeness of the information contained in this Prospectus or for any statement purported to be made by or on behalf of the Joint Bookrunners. Investors in the Notes must solely rely on the information contained in this Prospectus. No person has been authorized to provide any information or to make any representation concerning Deutsche Wohnen or the Notes (other than as contained in this Prospectus) and, if provided or made, any such information or representation should not be relied upon as having been authorized by Deutsche Wohnen or the Joint Bookrunners or their respective affiliates. In making an investment decision, investors must rely on their own examination of the Issuer, Deutsche Wohnen, and the terms of the offering, including the merits and risks involved. Any decision to purchase Notes must solely be based on this Prospectus. The Issuer has confirmed to the Joint Bookrunners that this Prospectus is true and accurate in all material respects and is not misleading; that any opinions and intentions expressed herein are honestly held and based on reasonable assumptions; that there are no other facts with respect to the Issuer, the omission of which would make this Prospectus as a whole or any statement herein or opinions or intentions expressed herein misleading in any material respect; and that all reasonable enquiries have been made to verify the foregoing. To the fullest extent permitted by law, the Joint Bookrunners do not accept any responsibility for the contents of this Prospectus or for any other statements made or purported to be made by the Joint Bookrunners or on their behalf in connection with the Issuer or the Notes. Accordingly, the Joint Bookrunners disclaim all and any liability whether arising in tort or contract or otherwise which it might otherwise have in respect of this Prospectus or any such statement. The Joint Bookrunners are acting exclusively for the Issuer and no other person in connection with the offering of the Notes. They will not regard any other person (whether or not a recipient of this document) as their client in relation to the offering of the Notes and will not be responsible to anyone other than the Issuer for providing the protections afforded to their respective clients or for giving advice in relation to the offering or any transaction or arrangement referred to herein. Neither the delivery of this Prospectus nor the offering, sale or delivery of Notes shall, in any circumstances, create any implication that the information contained in this Prospectus is true subsequent to the date upon which this Prospectus has been published or most recently amended or supplemented, or that there has been no adverse change in the financial position of the Issuer after the date hereof or, as the case may be, the date upon which this Prospectus has been most recently

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supplemented or the balance sheet date of the most recent financial statements which are deemed to be incorporated into this Prospectus by reference or that any other information supplied in connection with the Notes is correct at any time subsequent to the date on which it is supplied or, if different, the date indicated in the document containing the same. None of the Issuer or the Joint Bookrunners, or any of their respective representatives, is making any representation to any offeree or purchaser of the Notes regarding the legality of an investment in the Notes by such offeree or purchaser under the laws applicable to such offeree or purchaser. Prospective investors should not construe anything in this Prospectus as legal, tax, business or financial advice. Each investor should consult with his or her own advisors as to the legal, tax, business, financial and related aspects of purchases of Notes. This document may only be communicated or caused to be communicated in circumstances in which Section 21 para. 1 of the United Kingdom Financial Services and Markets Act 2000, as amended (“FSMA”) does not apply. The Notes have not been and will not be registered under the Securities Act and are subject to U.S. tax law requirements. Subject to certain exceptions, Notes may not be offered, sold or delivered within the United States or to U.S. persons; see “4.2 Selling Restrictions”. The distribution of this Prospectus as well as the offering, sale, and delivery of the Notes in certain jurisdictions may be restricted by law. Persons into whose possession this Prospectus comes are required by the Issuer and the Joint Bookrunners to inform themselves about and to observe any such restrictions. This Prospectus does not constitute an offer of, or an invitation to purchase, any of the Notes in any jurisdiction in which such offer, exercise or invitation would be unlawful. None of the Issuer or the Joint Bookrunners accepts any legal responsibility for any violation by any person, whether or not a prospective investor, of any such restrictions. Persons into whose possession this Prospectus comes are required by the Issuer and the Joint Bookrunners to inform themselves about and to observe any such restrictions. For a description of certain restrictions on offers, sales and deliveries of Notes and on the distribution of this Prospectus and other offering material relating to the Notes, see “4.2 Selling Restrictions”. This Prospectus may not be used for the purpose of an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not authorized or to any person to whom it would be unlawful to make such an offer or solicitation. This Prospectus does not constitute an offer or an invitation to subscribe for or purchase the Notes and should not be considered as a recommendation by the Issuer or the Joint Bookrunners that any recipient of this Prospectus should subscribe for, or purchase, Notes. Each recipient of this Prospectus shall be taken to have made its own investigation and appraisal of the condition (financial or otherwise) of the Issuer. MIFID II product governance / Professional investors and ECPs only target market Solely for the purposes of each manufacturer's product approval process, the target market assessment in respect of the Notes has led to the conclusion that: (i) the target market for both Series of Notes is eligible counterparties and professional clients only, each as defined in Directive 2014/65/EU (as amended, “MiFID II”); and (ii) all channels for distribution of the Notes to eligible counterparties and professional clients are appropriate. Any person subsequently offering, selling or recommending the Notes (a “distributor”) should take into consideration the manufacturers' target market assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target market assessment in respect of the Notes (by either adopting or refining the manufacturers' target market assessment) and determining appropriate distribution channels. For the avoidance of doubt, the target market assessment does not constitute (i) an assessment of suitability or appropriateness for the purposes of MiFID II or (ii) a recommendation to any investor or group of investors to invest in, or purchase, or take any other action whatsoever with respect to the Notes.

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PRIIPs Regulation / Prohibition of sales to EEA and UK retail investors The Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the EEA or the UK. For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of MiFID II; or (ii) a customer within the meaning of Directive (EU) 2016/97 (as amended, the “Insurance Distribution Directive”), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II. Consequently, no key information document required by Regulation (EU) No 1286/2014 (as amended, the “PRIIPs Regulation”) for offering or selling the Notes or otherwise making them available to retail investors in the EEA or the UK has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the EEA or the UK may be unlawful under the PRIIPs Regulation. IN CONNECTION WITH THE ISSUANCE OF THE NOTES, THE JOINT BOOKRUNNERS (OR PERSONS ACTING ON BEHALF OF THE JOINT BOOKRUNNERS) MAY OVERALLOT THE NOTES OR EFFECT TRANSACTIONS WITH A VIEW TO SUPPORTING THE MARKET PRICE OF THE NOTES AT A LEVEL HIGHER THAN THAT WHICH MIGHT OTHERWISE PREVAIL. HOWEVER, STABILIZATION MAY NOT NECESSARILY OCCUR. ANY STABILIZATION ACTION MAY BEGIN ON OR AFTER THE DATE ON WHICH ADEQUATE PUBLIC DISCLOSURE OF THE TERMS OF THE OFFER OF THE NOTES IS MADE AND, IF BEGUN, MAY CEASE AT ANY TIME, BUT MUST END NO LATER THAN THE EARLIER OF 30 DAYS AFTER THE ISSUE DATE AND 60 DAYS AFTER THE DATE OF THE ALLOTMENT OF THE NOTES. ANY STABILIZATION ACTION OR OVERALLOTMENT MUST BE CONDUCTED BY THE JOINT BOOKRUNNERS (OR PERSONS ACTING ON BEHALF OF THE JOINT BOOKRUNNERS) IN ACCORDANCE WITH ALL APPLICABLE LAWS AND RULES. This Prospectus contains assessments of market data and information derived therefrom which could not be obtained from any independent sources. Such information is based on the Issuer’s own internal assessments and may therefore deviate from the assessments of competitors of Deutsche Wohnen or future statistics by independent sources. As regards the market positions of Deutsche Wohnen, Deutsche Wohnen’s own estimations are mainly based on company data which is either derived from information by competitors or from data provided by independent research companies. The language of this Prospectus is English. The German text of the Terms and Conditions is controlling and binding; the English-language text of the Terms and Conditions constitutes a convenience translation. Deutsche Wohnen SE’s consolidated financial statements as of and for the years ended December 31, 2018 and 2019, referred to in the section “7 Information Incorporated By Reference” are translations of the German-language consolidated financial statements. The independent auditor’s reports referred to in the section “7 Information Incorporated By Reference” are translations of the German-language independent auditor’s reports issued on the German-language combined management reports and consolidated financial statements and refer to the combined management reports and consolidated financial statements as a whole.

NOTICE TO CERTAIN EUROPEAN INVESTORS

Notice to Prospective Investors in the European Economic Area and the United Kingdom

This Prospectus has been prepared on the basis that all offers of the Notes will be made pursuant to an exemption under the Prospectus Regulation from the requirement to produce a prospectus in connection with offers of securities and is thus, for the purposes of the offering of the Notes, not a prospectus within the meaning of the Prospectus Regulation. Accordingly, any person making or intending to make any offer of the Notes which are the subject of the offering contemplated in this Prospectus within the EEA should only do so in circumstances in which no obligation arises for the Issuer or the Joint Bookrunners to produce a prospectus for such offers. None of the Issuer or the Joint Bookrunners has authorized, nor does it or do they authorize, the making of any offer of the Notes

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through any financial intermediary other than offers made by the Joint Bookrunners which constitute the final placement of the Notes contemplated in this Prospectus.

Notice to Prospective Investors in the United Kingdom

In the United Kingdom, this Prospectus is for distribution only to persons (i) who are investment professionals falling within Article 19 para. 5 of the FSMA or (ii) falling within Article 49 para. 2 (a) to (d) of the FSMA (e.g., high net worth companies, unincorporated associations, etc.) or (iii) other persons to whom it may be lawfully communicated in accordance with the FSMA (all such persons falling within (i) – (iii) together being referred to as “Relevant Persons”). This Prospectus is directed only at Relevant Persons and must not be acted on or relied on by persons who are not Relevant Persons. In the United Kingdom, any investment or investment activity to which this Prospectus relates is available only to Relevant Persons and will be engaged in only with Relevant Persons.

NOTICE TO PROSPECTIVE INVESTORS IN SINGAPORE

Solely for the purposes of its obligations pursuant to sections 309B(1)(a) and 309B(1)(c) of the Securities and Futures Act (Chapter 289 of Singapore) (the “SFA”), the Issuer has determined, and hereby notifies all relevant persons (as defined in Section 309A of the SFA) that the Notes are “prescribed capital markets products” (as defined in the Securities and Futures (Capital Markets Products) Regulations 2018). For a further description of certain restrictions on offerings and sales of the Notes and distribution of this Prospectus (or of any part thereof) see “4.2 Selling Restrictions”.

FORWARD-LOOKING STATEMENTS

This Prospectus contains certain forward-looking statements. A forward-looking statement is a statement that does not relate to historical facts and events. They are based on analyses or forecasts of future results and estimates of amounts not yet determinable or foreseeable. These forward-looking statements are identified by the use of terms and phrases such as “anticipates”, “believes”, “estimates”, “expects”, “intends”, “plans”, “predicts”, “projects”, “targets” and similar terms and phrases, including references and assumptions. This applies, in particular, to statements in this Prospectus containing information on the future earning capacity, plans and expectations regarding Deutsche Wohnen’s business and management, its growth and profitability, and general economic and regulatory conditions and other factors that affect it. Forward-looking statements in this Prospectus are based on current estimates and assumptions that the Issuer makes to the best of its present knowledge. These forward-looking statements are subject to risks, uncertainties and other factors which could cause actual results, including Deutsche Wohnen’s financial condition and results of operations, to differ materially from and be worse than results that have expressly or implicitly been assumed or described in these forward-looking statements. Deutsche Wohnen’s business is also subject to a number of risks and uncertainties that could cause actual developments to differ from the forward-looking statements, estimates or predictions in this Prospectus. Accordingly, investors are strongly advised to read the sections “1 Risk Factors” and “3 Description of the Issuer” as well as the information on the Deutsche Wohnen Group incorporated by reference herein as described in the section “7 Information Incorporated By Reference”, because these include more detailed descriptions of factors that might have an impact on Deutsche Wohnen’s business and the markets in which it operates. In light of these risks, uncertainties and assumptions, future events described in this Prospectus may not occur. In addition, neither the Issuer nor the Joint Bookrunners assumes any obligation, except as required by law, to update any forward-looking statement or to conform these forward-looking statements to actual events or developments.

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SOURCES OF MARKET DATA

To the extent not otherwise indicated, the information contained in this Prospectus on the market environment, market developments, growth rates, market trends and competition in the markets in which Deutsche Wohnen operates are based on the Issuer’s assessments. These assessments, in turn, are based in part on internal observations of the market and on various market studies. Irrespective of the assumption of responsibility for the content of this Prospectus by the Issuer, the Issuer has not independently verified the figures, market data or other information on which third parties have based their studies. Accordingly, the Issuer makes no representation or warranty as to the accuracy of any such information from third-party studies included or incorporated by reference in this Prospectus. Prospective investors should note that the Issuer’s own estimates and statements of opinion and belief are not always based on studies of third parties.

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TABLE OF CONTENTS Section Page 1 RISK FACTORS ...... 7 1.1 Risks Relating to Deutsche Wohnen’s Industry ...... 7 1.2 Risks Relating to Deutsche Wohnen’s Business ...... 11 1.3 Legal Risks ...... 18 1.4 Tax Risks ...... 24 1.5 Risks Relating to the Notes ...... 26 2 TERMS AND CONDITIONS OF THE 2025 NOTES AND 2030 NOTES ...... 31 3 DESCRIPTION OF THE ISSUER...... 70 3.1 General Information on Deutsche Wohnen SE and the Deutsche Wohnen Group ...... 70 3.2 Principal Activities of the Issuer ...... 72 3.3 Key Indicators ...... 80 3.4 Capital Structure ...... 81 3.5 Recent Developments ...... 82 3.6 Material Agreements ...... 84 3.7 Management and Supervision ...... 89 3.8 Recent Developments and Outlook; Trend Information and No Adverse Change ...... 91 4 SUBSCRIPTION AND SALE ...... 92 4.1 Subscription ...... 92 4.2 Selling Restrictions ...... 92 5 TAXATION WARNING ...... 95 6 GENERAL INFORMATION ...... 96 6.1 Authorization and Issue Date ...... 96 6.2 Use of Proceeds ...... 96 6.3 Delivery of Notes ...... 96 6.4 Costs and Expenses Relating to the Purchase of Notes ...... 97 6.5 Listing and Admission to Trading of the Notes ...... 97 6.6 Clearing System and Security Codes ...... 97 6.7 Ratings of the Issuer and the Notes ...... 98 6.8 Indication of Yield ...... 98 6.9 Documents Available ...... 98 7 INFORMATION INCORPORATED BY REFERENCE ...... 99 7.1 Audited consolidated financial statements of Deutsche Wohnen SE as of and for the year ended December 31, 2019 (IFRS) ...... 99 7.2 Audited consolidated financial statements of Deutsche Wohnen SE as of and for the year ended December 31, 2018 (IFRS) ...... 99

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1 RISK FACTORS

Below is a description of risk factors that are material for the assessment of the market risk associated with the Notes and risks the occurrence of which may affect the ability of the Issuer to fulfil its obligations under the Notes. These risk factors only describe those risks that are specific to Deutsche Wohnen and to the Notes. In addition, Deutsche Wohnen faces various risks generally faced by any company operating in the markets in which Deutsche Wohnen operates with a platform similar to Deutsche Wohnen’s platform. Furthermore, any investment in the Notes bears general risks relevant to investments in this type of security, which could have a material adverse effect on the business, financial condition, cash flows, results of operations and prospects of Deutsche Wohnen as well as the price of the Notes. Potential investors should carefully consider the specific risk factors outlined below in addition to all other information in this Prospectus and consult with their own professional advisors should they deem it necessary before deciding upon a purchase of Notes.

1.1 Risks Relating to Deutsche Wohnen’s Industry

1.1.1 The German real estate market and Deutsche Wohnen’s business may be negatively affected by changes in general economic and business conditions.

Deutsche Wohnen’s core business is the management of residential properties and the sale of apartments or portfolios in the Federal Republic of Germany (“Germany”). The Group relies significantly on rental income. Therefore, Deutsche Wohnen’s performance depends largely on the in- place rents currently generated and its ability to generate these in-place rents in the future, the expenses the Group incurs in generating such rents, the generated or achievable proceeds from disposals, and the value of its properties. These performance factors and the value of the properties are subject to general economic and business conditions. At the moment, numerous factors are contributing to the considerable uncertainty concerning the economic situation going forward. The outbreak of the novel coronavirus SARS-CoV-2 first identified in December 2019 and its associated disease (“COVID-19”) has negatively impacted the global economy, disrupted global supply chains, lowered equity market valuations, created significant volatility and disruption in financial markets, and increased unemployment levels. In Europe, potential future changes to monetary policy, renewed doubts about the future of the Eurozone, political uncertainty arising from populist movements, insufficient deleveraging in the private and public sectors, a halt in implementing structural and financial reforms and an elevated level of political uncertainty could adversely affect Deutsche Wohnen’s operations. Given Deutsche Wohnen’s dependence on its ability to access financial markets for the refinancing of its debt liabilities, the continued instability or a further deterioration of the economic environment or the capital markets may reduce Deutsche Wohnen’s ability to refinance its existing and future liabilities. Furthermore, Deutsche Wohnen’s counterparties, in particular its hedging counterparties, may not be able to fulfill their obligations under the respective agreements due to a lack of liquidity, operational failure or bankruptcy. Furthermore, the creditworthiness of tenants and potential real estate purchasers could deteriorate. When tenants’ creditworthiness deteriorates, if they lose their jobs, for example, tenants may be unable to meet their payment obligations under the agreed rent and the agreed incidental costs, and/or they might be forced to terminate their leases with Deutsche Wohnen, which may result in a decline of rental income. Moreover, due to the factors described above, it is possible that lower demand from potential tenants and purchasers of residential properties could follow if the economy in Germany faces another downturn, or, if a slowdown in economic growth occurs, causing higher unemployment and stagnation or even a decline in real incomes due to additional pressure from increases in taxes, energy prices and the cost of living. Additionally, demographic developments or local employment conditions in certain regions where Deutsche Wohnen’s portfolio is concentrated

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may affect the real estate market, particularly the demand for housing. In addition to the loss of agreed rents, vacancies may increase. In that case, it is possible that the apartments may not be re-let on the original terms, or that this is only possible after making additional investments to maintain or re-establish the attractiveness of the property.

1.1.2 The German real estate market and Deutsche Wohnen’s business may be negatively affected by the effects of the COVID-19 pandemic.

Pandemics, epidemics, outbreaks of infectious diseases or any other serious public health concerns, such as the COVID-19 pandemic, together with any measures aimed at mitigating a further expansion thereof, such as restrictions on travel, imposition of quarantines, prolonged closures of workplaces, or curfews or other social distancing measures, may have a material adverse effect on the global economy and international financial markets in general and on the markets in which the Group operates in particular. The implications of such outbreaks depend on a number of factors, such as the duration and spread of the respective outbreak as well as the timing, suitability and effectiveness of measures imposed by authorities, the availability of resources, including human, material, infrastructure and financial (e.g., governmental stimulus packages and/or measures introduced by central banks) required to implement effective responses to the respective situation at the international, national and regional level as well as the level of civil compliance with such measures. There is no guarantee that such measures, or a combination thereof, are effective means to combat such an outbreak and the implications resulting therefrom, which may result in an increase of credit risk, liquidity risk and operational risk for the Group. A number of factors that are important for the Group to successfully conduct its business could be materially affected by the spread of COVID-19. The social distancing measures implemented by countries around the world to slow the spread of COVID-19 could result in a severe global recession and financial crisis. As economic activity is drastically reduced for several months, many businesses could be forced to close, leading to a dramatic increase in unemployment. As businesses and unemployed workers no longer have the income to pay their outstanding debts, the number of defaults could significantly increase. Such developments could have a number of effects on the Group’s business, including the following:  Some tenants in the Group’s properties could find it increasingly difficult to pay their rent, thereby leading to an increase in late payment, reduced demand from owner-occupiers, retail buy-to-let and institutional investors, particularly if banks reduce their mortgage lending activities as a result of an increase in the rate of mortgage or other credit defaults;  Other tenants in the Group’s properties may no longer be able to afford to pay rent at all and be forced to move out, thereby further reducing the Group’s income stream. Moreover, if unemployment is widespread, the Group may not be able to find tenants to take the place of those that had to move out. As a result, the Group may be confronted with having to endure either a higher rate of vacancies or lower rental prices at its properties.  In light of the expected payment difficulties of private individuals and companies as a result of the pandemic, the German legislator has enacted certain legislative amendments with effect from April 1, 2020: As part of these measures, rental agreements can until June 30, 2022 no longer be terminated by the landlord solely based on a default in rental payments in the period from April 1, 2020 to June 30, 2020, if the failure to pay is due to the effects of the COVID-19 pandemic. The German Federal Government is authorised to extend the relevant period by decree until September 30, 2020. It cannot be excluded, that the German legislator will adopt additional measures which could further limit landlord’s rights vis-à-vis their tenants.  As regards the Group’s properties for sale, lower economic activity could also make it more difficult to sell properties at the price expected by the Group or at all. If the Group cannot sell

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certain properties, it would be forced to pay the cost of upkeep without the possibility of recouping such costs in a later sale.  The COVID-19 pandemic, the measures imposed by authorities to mitigate the crisis and the resulting economic implications could have material negative effects on the valuation of real estate properties and therefore on the assets of the Group.  As a result of increased levels of defaults, banks may have reduced liquidity, which could make it harder for the Group to obtain the financing it requires to pursue its acquisition and development strategies or even for its regular operations.  Possible COVID-19 infections of residents living in our nursing and assisted living facilities could have a negative impact on the reputation of our business field Nursing and Assisted Living.  New development projects and modernization works might see temporarily delays due to lockdown measures and certain constraints, such as delays of required permits from state authorities, delays of and difficulties with the supply of raw materials as well as possible limitations of construction workers permitted on site.

1.1.3 The current macroeconomic environment is characterized by low interest rates and any rise in interest rates could have material adverse effects on the German real estate market and on Deutsche Wohnen.

One of the tools used to support economic development in the past was a lowering of interest rates. While low interest rates have generally not led to the desired levels of inflation, they have benefitted the Eurozone economies and supported demand for real estate, particularly as a result of the availability of inexpensive financing. The benign interest rate environment has also had a positive impact on real estate valuations, as it tends to result in an increase of the value of future cash flows. A change in the interest rate policy by the European Central Bank may result in higher discount and capitalization rates and have a negative impact on the fair value of Deutsche Wohnen’s real estate portfolio. It can also negatively affect the willingness of potential buyers to make real estate purchases and therefore constrain Deutsche Wohnen’s disposal business. Additionally, financial institutions may require that borrowers meet more stringent requirements with regard to creditworthiness. This could lead potential buyers of residential properties to refrain from purchasing real estate due to worse financing terms or restricted availability of credit. A significant increase in real estate loan interest rates and more stringent borrower qualification requirements may also require Deutsche Wohnen to postpone scheduled investments and delay, due to market conditions, planned disposals. Besides this, any such increase in the interest rate levels may permanently impair Deutsche Wohnen’s ability to finance real estate portfolio acquisitions through debt and may generally impact the Group’s ability to refinance its liabilities. Consequently, Deutsche Wohnen may be forced to sell real estate portfolios at substantial discounts, due in large part to difficult financing conditions experienced by buyers, which may be further exacerbated by an increase in persons selling real estate assets, including Deutsche Wohnen’s competitors. As a result, Deutsche Wohnen may be exposed to the risk of a reduction in the fair value of its total real estate portfolio and may be required to recognize the corresponding losses from the resulting fair value adjustments of the Group’s investment properties in its consolidated profit and loss statement.

1.1.4 Deutsche Wohnen is dependent on developments in its regional key markets, particularly in the Greater Berlin area.

As of December 31, 2019, 95% of Deutsche Wohnen’s total residential real estate portfolio, based on the Group’s fair value, was concentrated in selected “Core+” regions. The “Core+” regions comprise what company management believes are the most dynamic rental markets within Deutsche Wohnen’s portfolio with considerable rental growth. The Core+ regions include the Greater Berlin area, the Rhine-Main region, Mannheim/Ludwigshafen, the Rhineland and Dresden/Leipzig. One Core+ Region of particular importance for Deutsche Wohnen is the Greater Berlin area where, as of -9-

December 31, 2019, approximately 76% of Deutsche Wohnen’s total residential real estate portfolio, based on the Group’s fair value, were located. The general demographic and economic conditions and the development of such conditions in these growth regions are of significant importance for Deutsche Wohnen’s business and future prospects. The key factors in this respect include demand, demographic structure, tenant creditworthiness, purchasing power of the population, attractiveness of the particular locations, the labor market situation, infrastructure, social structure and other factors influencing supply and demand for real estate in the respective locations and markets. In particular, economic studies forecast that demographic change, including a shrinking and aging population, will cause the nationwide demand in Germany for accommodation to fall in the long term, although the total number of households is expected to grow due to a trend towards smaller household sizes. These factors significantly impact, among other things, the rents Deutsche Wohnen is able to charge as well as the payment behavior of Deutsche Wohnen’s tenants and further have a significant effect on vacancy rates, Deutsche Wohnen’s earnings and the valuation of Deutsche Wohnen’s properties. Accordingly, Deutsche Wohnen is subject to economic and demographic developments in the Greater Berlin Area and its other Core+ regions.

1.1.5 Deutsche Wohnen may not be able to acquire properties on attractive terms.

As part of its business strategy, Deutsche Wohnen seeks to capture external growth opportunities by acquiring residential and nursing real estate portfolios and properties with appreciation and/or rent- increase potential in economically attractive regions at reasonable prices, with good tenant structure, in high-quality locations and at favorable occupancy rates. Additionally, the success of the Group’s business model depends on its ability to efficiently integrate and manage newly acquired properties in its total residential portfolio. Current market conditions make it difficult to conclude real estate transactions at conditions similar to those in the past. For one thing, the German real estate market is characterized by a high level of demand as German property prices in recent years were considered relatively attractive when compared to properties in other countries. As a result, many investors, including numerous foreign investors, have increasingly purchased German residential real estate. The high level of investor interest in German real estate partially as a consequence of the perceived security in investing in real estate assets and the ongoing low level of interest rates have caused residential real estate prices to increase in the past. If Deutsche Wohnen is unable to acquire suitable properties at attractive terms in the future, the Group’s external growth potential may be limited. If Deutsche Wohnen is unable to obtain the necessary capital on the capital markets at attractive terms, the Group might be unable to make further acquisitions, or might be able to do so only to a limited extent or, if debt financing is available, may only be able to do so by taking on additional debt. Moreover, any additional debt raised in connection with future acquisitions may have a significant negative effect on the Group’s loan-to-value ratio (“LTV Ratio”, i.e., the ratio of the total net financial liabilities to the value of investment properties plus non-current assets held for sale and land and buildings held for sale). If Deutsche Wohnen Group is no longer able to obtain the debt or equity financing that is necessary to acquire additional real estate portfolios, or if the Group is able to do so only on onerous terms, its business development and competitiveness may be severely constrained in the future.

1.1.6 Sales prices of Deutsche Wohnen residential properties may come under pressure from competition and other factors.

The success of Deutsche Wohnen’s Disposals segment depends on its ability to sell residential units earmarked for disposal prices that exceed their respective book values. The profit from such disposals is influenced primarily by the prices Deutsche Wohnen can realize in the residential real estate market, which are affected by various supply and demand factors.

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Should the supply of residential properties increase, such increase could put pressure on sales prices, particularly in the local markets in which Deutsche Wohnen owns residential real estate. In addition to increased supply, pressure on sales prices may also result from a decline in demand or a combination of these two factors. As private individuals in Germany frequently purchase real estate as a component of retirement planning, their investment in residential properties in Germany has become an increasingly important part of the market. But if real estate is considered to be less attractive as a component of retirement planning in the future, or if it becomes less favorable economically due to, for example, changes in taxation, the legal and regulatory framework or economic conditions, demand for residential properties among potential purchasers may decrease, and, consequently, it might only be possible to sell residential properties at lower prices. For instance, recent legislative reforms to limit rent increases and to regulate the rent for new contracts, referred to as Mietendeckel or “rent cap”, may reduce the economic attractiveness of investing in residential properties (see also “1.3.1 Deutsche Wohnen’s ability to increase rents is subject to legal restrictions. These restrictions are already extensive and could be further tightened in the future.”). Overall, lower sales prices for Deutsche Wohnen’s residential properties would reduce the Group’s earnings or may even cause the Group to incur losses. Lower sales prices may also require the Company to adjust the fair value of its total real estate portfolio on its consolidated balance sheet, and to record losses from the resulting fair value adjustments of its investment properties in its consolidated profit-and-loss statement for the respective accounting period. Moreover, the absence of a liquid real estate market may temporarily make the sale of properties in some locations entirely impossible. Further increases in real estate transfer tax (Grunderwerbssteuer) (“RETT”) rates may likewise have a negative impact on liquidity and demand for real estate. In addition, lower sales prices for real estate or a decline in sales would also lead to lower cash inflows, which may adversely affect net assets, financial condition and results of operations of Deutsche Wohnen.

1.2 Risks Relating to Deutsche Wohnen’s Business

1.2.1 Deutsche Wohnen may suffer a loss of in-place rents, higher vacancy rates and may be unable to find or retain suitable and solvent tenants. Vacancies may also prevent Deutsche Wohnen from passing on fixed operating costs to tenants.

Deutsche Wohnen’s commercial success depends significantly on the Group’s ability to maintain and increase its rental income. The amount of current gross rental income Deutsche Wohnen can generate and the Group’s ability to increase its in-place rents from existing tenants depend on several factors. These factors include the demand for residential and commercial properties, the customary local market rent, the condition and location of the property, modernization measures undertaken, including their scope, as well as tenant turnover. Moreover, when setting the in-place rent levels for its residential properties, Deutsche Wohnen is subject to the restrictions of German landlord-tenant laws, as well as, where applicable, conditions imposed because of the Group having received public subsidies, or restrictions under privatization agreements. Therefore, Deutsche Wohnen might not be able to maintain or increase in-place rents in a manner or to the extent that would be in its economic interest or reflect market prices. Even if increased modernization costs were to merit higher in-place rents from a commercial perspective, the Group may not be able to impose such increases in the in-place rents. Based on current legislation, without consideration of the Mietendeckel or rent cap (see also “1.3.1 Deutsche Wohnen’s ability to increase rents is subject to legal restrictions. These restrictions are already extensive and could be further tightened in the future.”), only up to 8% of the costs incurred for modernization measures (minus the costs that would be necessary for maintenance measures) may be charged to the annual rent. Lower demand for housing may lead to higher vacancies and result in lower in-place rents. Vacancies resulting in reduced in-place rents also occur when apartments must or should be refurbished and thus cannot be

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rented out. Lower demand for housing may also force the Group to lease its apartments on less favorable terms or to tenants who pose a greater risk of rent losses due to reduced creditworthiness. If tenants fail to meet their rent payment obligations in whole or in part (e.g., due to a deterioration of their economic situation because of a job loss), or if larger numbers of tenants terminate their rental agreements without the Group being able to re-let the property within a reasonably short period of time or only at lower rent levels, the rental income could be significantly lower than originally estimated, while Deutsche Wohnen’s operating costs might remain largely fixed or might even increase. Deutsche Wohnen could therefore sustain losses in current gross rental income, which may have a material adverse effect on the funds from operations (“FFO”). To the extent that the Company is in fact able to re-let an apartment, there is a risk that it might no longer be able to do so on the original terms, or might be able to do so only after making an additional investment to maintain or re-establish the attractiveness of the property. Failure to find and retain suitable tenants may prevent Deutsche Wohnen from maintaining its current vacancy rate or renting vacant space or force Deutsche Wohnen to reduce the rent it demands from current and future tenants. Also, Deutsche Wohnen’s profits may be adversely affected by its inability to pass on fixed operating costs for vacant space, including local taxes and service charges, and Deutsche Wohnen would have to bear such costs until the affected rental space is fully rented again. The Company may also experience a loss of in-place rents, rent reductions and increased vacancies in situations where, for example, the properties are situated in undesirable locations (either as a result of social or economic conditions) or where there is only limited demand for housing given the local market conditions, resulting in a decline in total current gross rental income. Deutsche Wohnen is required to conduct its real estate management business in such a manner that the properties are maintained in the condition as required by the leases and by law. If this is not possible and if the required maintenance measures are not performed on time or at all, in-place rents may decline. Additionally, Deutsche Wohnen may experience a shortfall in income through a planned vacancy if it decides to refurbish or sell a property.

1.2.2 Deutsche Wohnen Group is exposed to risks related to the structural condition of the properties and their maintenance and modernization.

Deutsche Wohnen owns many properties that are over 40 years old. Many of Deutsche Wohnen’s real estate portfolios have been inspected prior to purchase in the course of a due diligence investigation with respect to their structural condition and, to the extent necessary, the existence of harmful environmental impacts. It is possible, however, that damage or quality defects may remain entirely undiscovered, or that the scope of such problems is not fully apparent in the course of the due diligence investigation, and/or that defects become apparent only at a later point in time. In general, sellers exclude all liability for concealed defects. If liability for such concealed defects has not been fully excluded, it is possible that the representations and warranties made in the purchase agreement with respect to the property failed to cover all risks relating to the acquisition. Regarding older property in the overall portfolio, no comprehensive investigation or review was undertaken as to the existence of harmful environmental contamination. As a result, it is possible that significant environmental contamination, e.g., resulting from the use of construction materials containing asbestos, was inherited and yet not recognized in the older property. Deutsche Wohnen may be exposed to financial liability for any required remediation measures. Additionally, Deutsche Wohnen may be exposed to unexpected problems or unrecognized risks, such as delays in the implementation of maintenance, refurbishment or modernization measures in connection with acquired real estate portfolios, against which it might not have been contractually protected. As a result, Deutsche Wohnen may be unable to lease a property as planned, effectuate increases in the rent or sell residential units. The Group’s financial condition may deteriorate, and the value of the acquired assets may decline.

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After acquiring properties, Deutsche Wohnen strives to maintain rented properties in a good condition. For this reason, and also to avoid the loss of value, the Group has to undertake maintenance and modernization measures. In addition, modernization of properties may be necessary to increase their appeal or to meet changing legal requirements (such as the intensification of the Energy Saving Ordinance (Energieeinsparverordnung)). Such measures can be large-scale and expensive. As a result, risks may arise in the form of higher-than-planned costs or unforeseen additional expenses for maintenance or modernization that cannot be passed on to the property’s respective tenants. Moreover, the actual corresponding work may be delayed, for example, by reason of bad weather, poor performance or insolvency of contractors, or the discovery of unforeseen structural defects.

1.2.3 Deutsche Wohnen may face an increase of investment costs.

Investment costs for both refurbishment works and new construction projects can be considerably higher than originally planned due to unexpected costs and delays. Applications for planning consent may be delayed because the planning authorities are understaffed. Removing contamination or pollution from investments may be more expensive than originally calculated. Due to high demand and limited supply it is currently difficult to contract suppliers in the construction, craft and services sector. Further, service providers in the construction, craft and planning sectors are currently suffering from a shortage of qualified personnel. In addition, a high demand for required materials in these sectors may lead to an increase of market prices. Furthermore, Deutsche Wohnen may be exposed to higher investment costs arising from the non-compliance with obligations from urban development contracts. For example, the urban development contract relating to Deutsche Wohnen’s development project in Krampnitz provides for obligations to build residential buildings with a certain gross floor area in connection with a penalty in the case of non-performance. These developments alone, or together, may cause an increase of refurbishment or building costs or delays which might result in a lowering of Deutsche Wohnen’s profitability targets or in a postponement of intended investments. Investment decisions are highly dependent on the current legal and regulatory environment. There is a risk when new building standards or restrictions take effect. These changes could have a negative impact on return targets. If construction sites are closed or planning consent is withheld, this may have an adverse effect because of unexpected costs and delays. Compliance with new legislation may lead to additional expenses.

1.2.4 Deutsche Wohnen could be exposed to risks relating to its project development business.

Deutsche Wohnen has significantly grown its project development business, for example through the acquisition of the development business from Munich-based ISARIA Wohnbau AG in 2020. The development of new projects is typically long-term in nature and involves numerous risks, including incorrect market and competitive assessments, delays in the planning approval process, incorrect location and project development plans, contamination risks, requirements linked to preservation orders or environmental requirements, subcontractor default risks and warranty issues. Construction defects or defective construction materials or structural components can give rise to further risks.

1.2.5 Deutsche Wohnen’s ability to refinance existing and future debt with loans and other debt instruments could be limited and Deutsche Wohnen may be unable to obtain new sources of financing at attractive terms, or at all.

As of December 31, 2019, the Group’s LTV Ratio stood at 35.4%. The carrying amount of Deutsche Wohnen’s net financial liabilities including convertible bonds was €9,339 million as of December 31, 2019. Deutsche Wohnen is dependent on refinancing debt that will become due over the next few years. As of December 31, 2019, the nominal value of Deutsche Wohnen’s outstanding financial liabilities becoming due in 2020 was €487 million, €22 million becoming due in 2021 as well -13-

as €173 million becoming due in 2022. Deutsche Wohnen cannot rule out that its current level of debt may adversely affect its ability to refinance financial obligations by taking on new debt or by extending existing loans. In addition, any increase in the Group’s LTV Ratio may negatively impact its ratings and may have a negative impact on its financing cost or its ability to obtain financing at all. No assurance can be given that Deutsche Wohnen will be able to refinance its debt at all or at comparable costs and terms in the future. Deutsche Wohnen obtained corporate ratings from S&P and Moody’s. These ratings depend, among other factors, on the development of the industry, Deutsche Wohnen’s performance and the development of certain key credit ratios, such as its LTV Ratio and interest coverage ratio. In addition, macro-economic developments such as the development of Germany’s gross domestic product (“GDP”) and changes in interest rate levels may have an impact on Deutsche Wohnen’s performance and, accordingly, on its ratings. The rating agencies review the factors that influence Deutsche Wohnen’s ratings on a regular basis. Deutsche Wohnen has been assigned a negative outlook by S&P and Moody’s and cannot rule out that its ratings may be downgraded in the future. Any downgrade could negatively impact Deutsche Wohnen’s reputation and its ability to raise funds at attractive terms. Additionally, Deutsche Wohnen may find it difficult or expensive to obtain new sources of financing. Banks may refuse to grant Deutsche Wohnen new loans, or they may only make new loans available to the Group at unfavorable financial terms and refuse to extend existing credit lines or only extend them on unfavorable terms. Moreover, it is conceivable that banks may no longer be able or willing to extend expiring loans and that future contract negotiations will take more time to complete. Further, it may not be possible for Deutsche Wohnen to raise capital in the equity or debt capital markets either. Deutsche Wohnen’s acquisition of additional properties and portfolios may be financed by taking on additional debt or by issuing and offering new shares or equity-linked instruments, or a combination thereof. If Deutsche Wohnen is unable to obtain the necessary financing on reasonable terms, it may be unable to make acquisitions, or may only be able to do so to a limited extent. Even if debt financing is available, any additional debt could have a significant negative impact on Deutsche Wohnen’s key performance indicators and could result in higher interest expenses.

1.2.6 If Deutsche Wohnen breaches covenants under its current and future financing, it could be forced to sell properties at economically unattractive conditions and its creditors or security agents could seize or realize significant collateral, which could ultimately lead to an insolvency of the Company.

In the past, Deutsche Wohnen has taken on debt in the form of loans, convertible bonds, corporate bonds and other instruments to refinance existing obligations, as well as to finance acquisitions, and the Group also intends to do so in the future. If Deutsche Wohnen breaches certain obligations under these loan agreements or debt instruments and is unable to cure such breaches within the relevant time frame stipulated in each respective agreement, and if the creditors under such loan agreements or debt instruments do not waive the Group’s compliance with such obligations, such creditors may be entitled to terminate the respective financing agreements. In particular, several financing agreements require Deutsche Wohnen to comply with certain specific financial covenants, such as the maintenance of certain maximum Loan-to-Value Ratios and the compliance with certain other key financial figure ranges which relate, among others, to the debt servicing ability (Debt Service Cover Ratio (“DSCR”)), the Interest Service Cover Ratio (“ISCR”) and the ratio of debt in relation to the rental income at the level of the Group and/or the financed portfolio. The Group’s failure to comply with such financial covenants may have severe consequences. A breach of its financial covenants would restrict Deutsche Wohnen’s right to dispose of the rental income arising from the properties securing the respective loan agreement. Several of the Group’s loan agreements contain provisions that might require the Group, upon breach of a financial covenant, to make certain monthly payments, based on its rental income less certain specified debt service -14-

payments, into specified blocked accounts. The amounts in such blocked accounts are regularly pledged for the benefit of the respective lender. Deutsche Wohnen may therefore not use these amounts to make certain payments without the prior consent of the respective lender, including for the debt service of other loan agreements. This may result in the Group’s failure to fulfill payment obligations under other loan agreements. Moreover, a breach of financial covenants may trigger creditors’ right to terminate the financing arrangement. Such termination rights by the Company’s creditors may have serious negative implications for the Group. For instance, all outstanding debt under the respective loan agreement may become due immediately and may severely affect the liquidity position of the Group. In addition, grounds for termination of one loan agreement may entitle creditors under other loan agreements to terminate their agreements with the Company with immediate effect. If one or more loans should become due as a result of an early termination, Deutsche Wohnen might be unable to refinance its loans as they become due, or might only be able to refinance them on significantly less favorable terms. If Deutsche Wohnen were unable to obtain refinancing in such a scenario, in the worst case, the Group may become insolvent. To secure the Company’s loans or those of its subsidiaries, Deutsche Wohnen has pledged claims under rental and leasing agreements, purchase agreements and real estate sales agreements, and has taken out mortgages secured by properties held by Deutsche Wohnen Group companies. If the Company or its subsidiaries are unable to fulfill its or their obligations under such financing agreements, the Group’s creditors may seize collateral, including real property, without further negotiations. A breach of obligations under Deutsche Wohnen’s financing agreements may thus result in the loss of portions of the Group’s real estate portfolio on economically unfavorable terms.

1.2.7 Deutsche Wohnen may be required to adjust the current values of its investment properties, or record lower results from the revaluation of investment properties and therefore recognize significant losses.

Deutsche Wohnen accounts for investment properties at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, other than in a forced or liquidation sale. Fair value is primarily based on the trend in the real estate market, including regional market developments, as well as on general economic conditions and, to a lesser extent, on interest rate levels. Accordingly, there is a risk that in the event of a downturn in the real estate market or the general economic situation, Deutsche Wohnen will need to revise the values of its total portfolio on the consolidated balance sheet downward. Any change in fair value must be recognized in the consolidated profit or loss statement as a gain or loss from fair value adjustments. For example, an increase of 0.1 percentage points in the capitalization and discount rates that Deutsche Wohnen uses for its investment properties in the Core+ regions would have resulted in a decrease of the book value of these investment properties by 2.52% (capitalization rate) and 1.32% (discount rate) as of December 31, 2019 (excluding nursing and assisted living facilities). All material fair value adjustments that the Group must undertake could have a material adverse effect on the net assets, results of operations of Deutsche Wohnen Group. Furthermore, there would be a negative impact on financial metrics, particularly the NAV and LTV Ratio.

1.2.8 Any inability to sell residential or commercial units intended for sale in a timely manner and at economically attractive prices may have a negative impact on Deutsche Wohnen’s financial condition and results of operations.

In addition to residential real estate management, Deutsche Wohnen also engages in the sale of residential or commercial properties. In this respect, the Group distinguishes between single-unit sales (residential unit sales to current tenants) and block sales (institutional sales) of entire real estate portfolios. Deutsche Wohnen cannot ensure that sales will be carried out in the projected numbers, within the projected time frame or on favorable terms. The factors that may affect a possible sale include, -15-

among other things, the demand for real estate, the creditworthiness of the purchasers and the number of competitors. If Deutsche Wohnen is unsuccessful in selling residential or commercial properties to the extent planned in the future, the Group’s management of unsold or especially partially sold properties would consume greater administrative resources because, for example, the management of residential housing units would become necessary and the management of the individual remaining residential units would be less efficient. Moreover, maintenance and/or refurbishment measures may extend over a longer period of time than originally planned which, among other things, may lead to higher costs and lower sales prices and, consequently, increase the risk of a decline in value during such time. Significant price reductions in the course of further sales may reduce the profit margin on apartment or portfolio sales, or even cause that margin to turn negative.

1.2.9 If Deutsche Wohnen is unable to generate positive cash flows from its operating activities, the Group may be forced to sell properties. Due to the potentially illiquid nature of the real estate market, Deutsche Wohnen may not be able to sell portions of its portfolio on favorable terms or even at all.

Deutsche Wohnen invests predominantly in real estate for which there is a market with limited liquidity. In principle, the ability to sell portions of the total portfolio depends on the liquidity of the investment markets. In order to service its debt (amortization and interest) and to undertake necessary investments, Deutsche Wohnen must generate positive cash flows from operating and investing activities. The Group generally generates such cash flows from in-place rents, through proceeds from disposals, and from its nursing and assisted living business. If Deutsche Wohnen is unable to generate positive cash flows from its operating activities in the future, the Group may be forced to sell apartments irrespective of the market situation. If Deutsche Wohnen were forced to sell portions of the total portfolio, the Group may only be able to conclude the sale at unfavorable terms, if at all. In the case of a forced sale, there would likely be a significant shortfall between the fair value of a property or a property portfolio and the price that the Group would be able to realize in the sale of such property or property portfolio, and there can be no guarantee that the price thus obtained would even cover the book value of the property sold.

1.2.10 Deutsche Wohnen may be exposed to risks from residual pollution, including wartime munitions, soil pollution and contaminants in building materials, as well as from possible building code violations.

It is possible that properties Deutsche Wohnen owns or acquires contain ground contamination, hazardous materials, other residual pollution and/or wartime munitions (including potentially unexploded munitions) and that such issues have not been discovered in a previous due diligence. Moreover, building components might contain hazardous substances (such as polychlorinated biphenyls (PCBs) or asbestos), or the properties may comprise other environmental risks. Deutsche Wohnen bears the risk of cost-intensive remediation and removal of such wartime munitions, hazardous materials, residual pollution or ground contamination. The discovery of such residual pollution, particularly in connection with the lease or sale of properties, may also trigger claims for rent reductions, damages and other breach of warranty claims. The remediation of any residual pollution and the related additional measures may negatively affect Deutsche Wohnen’s business activities and involve considerable additional costs. Deutsche Wohnen is also exposed to the risk that it might no longer be possible to take recourse against the polluting third party or the previous owners of the properties. Deutsche Wohnen could also be responsible for the remediation of properties that Deutsche Wohnen sold in the past. For soil contaminations, the German Federal Soil Protection Act (Bundesbodenschutzgesetz) provides for an ongoing responsibility of previous property owners if the property has been sold or transferred after March 1, 1999 and the contamination was, or should have been, known to the previous owner. Deutsche Wohnen sold various properties in the past and plans to -16-

sell further properties in the future. Deutsche Wohnen could thus be held liable as a previous owner, but also as the responsible party having caused the contamination. Moreover, the existence or even merely the suspicion of the existence of wartime munitions, hazardous materials, residual pollution or ground contamination may negatively affect the value of a property and the Group’s ability to lease or sell such property. Deutsche Wohnen’s business is also exposed to the risk of noncompliance with building codes or environmental regulations. These regulations are often implemented retroactively, affecting previously developed properties, and therefore require Deutsche Wohnen to modernize existing buildings so that they comply with these stricter standards. There is a risk that building codes or environmental regulations were not, or are not, being complied with and such non-compliance is not discovered during the acquisition process of individual properties. It is also possible that landlord responsibilities may be further expanded with respect to fire protection and environmental protection, which may require additional refurbishment, maintenance and modernization measures, in particular because many of these properties owned by Deutsche Wohnen are more than 40 years old. The projected cost of such measures is based on the assumption that the required permits are issued in accordance with the Company’s plans and, in particular, in a timely manner. It is possible, however, that the required building permits are not always issued promptly. If such permits are not issued, are not issued promptly, or are issued only subject to conditions, this could lead to substantial delays in correcting the problems and result in higher-than-projected costs and lower in-place rents for the relevant properties.

1.2.11 It is not assured that Deutsche Wohnen’s business field Nursing and Assisted Living will be able to recruit qualified employees at a reasonable cost in the future and to retain current qualified employees.

Deutsche Wohnen’s commercial success depends on retaining highly qualified employees for the long term. Deutsche Wohnen’s planned expansion of the business field Nursing and Assisted Living is particularly dependent on attracting a significant number of qualified employees for the Group’s nursing home facilities. In addition, there is increasing competition for qualified personnel in the growing market for the care of the elderly, which may have adverse effects on the number of job seekers in this area and the wage expectations of potential future employees. Moreover, it is possible that Deutsche Wohnen will be unable to retain existing qualified employees in the future.

1.2.12 The IT systems may malfunction or become impaired. In addition, the integration of IT systems of newly acquired portfolios may lead to significant expense and impairment of the existing IT systems.

Deutsche Wohnen’s information technology system plays an important role in its business strategy. Any interruptions in, failures of, or damage to Deutsche Wohnen’s information technology system may lead to delays or interruptions in its business processes, such as the outage of the Group’s customer service hotline. Any malfunction or impairment of the computer systems may interrupt Deutsche Wohnen’s operations and lead to increased costs. It is possible that future technological developments may adversely affect the functionality of Deutsche Wohnen’s computer systems and require further action, which may require the Group to spend substantial funds to prevent or repair malfunctions of its IT systems. The Company cannot guarantee that even anticipated and/or recognized malfunctions can be avoided in every case by appropriate preventive security measures. Additionally, Deutsche Wohnen has outsourced a portion of its computer systems to external service providers. Deutsche Wohnen cannot guarantee that such or additional other risks will not also materialize with such service providers. In addition, the integration of IT systems of newly acquired real estate portfolios into Deutsche Wohnen’s IT systems may lead to significant expense and impairment of existing IT systems and to disruptions of the Group’s operations.

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1.2.13 Deutsche Wohnen may be exposed to risks in connection with possible acquisitions and investments.

As part of Deutsche Wohnen’s strategy, the Company evaluates property portfolios, development projects and real estate companies in order to identify those that might fit both its existing property portfolio and its current management platform. Deutsche Wohnen has in the past and will in the future carry out acquisitions. Any direct and indirect investments in property involve considerable risk. Apart from the risks associated with the acquired properties or companies themselves, acquisitions occupy management resources which cannot be deployed elsewhere within Deutsche Wohnen. The Company’s acquisition or takeover of additional property or development portfolios and real estate companies can be financed by taking on additional debt or by issuing new shares in the capital markets or by a combination thereof. If Deutsche Wohnen is unable to obtain the necessary capital on reasonable terms, it may be unable to make further acquisitions, may be able to do so only to a limited extent or, if debt financing is available, may be able to do so only by taking on additional debt. Any additional debt incurred in connection with future acquisitions could have a significant negative impact on the Group’s LTV Ratio – and could result in higher interest expenses for the Group. If the Group is no longer able to obtain the debt or equity financing it needs to acquire additional property portfolios, or if it is able to do so only on onerous terms, its further business development and competitiveness could be severely constrained. Anticipated business performance of targeted portfolios or companies, synergies, economies of scale and cost savings may not be realized in whole or in part or may occur only later. This may result in higher administrative and management costs. There is no guarantee that the systems, operations or controls required to support the expansion of its business are sufficient. Deutsche Wohnen may no longer be in a position to effectively scale its internal and external growth or may not be able to obtain the resources and/or employees necessary to do so. Deutsche Wohnen investigates acquisitions using business plans that are based on assumptions regarding various factors. However, Deutsche Wohnen cannot exclude the possibility that these and other assumptions underlying its current business plan may not be met, or that they may be met only in part or at a later date. Factors which may negatively impact the development of newly acquired holdings include a deterioration of macroeconomic conditions in the core and growth regions in which the portfolio is located or in the wider economy, an unfavorable market trend for the sale of residential units, higher capital expenditure requirements and difficulties in increasing rents and reducing vacancy rates. Newly acquired portfolios are frequently managed by third parties, at least for a transitional period. During this transition period, Deutsche Wohnen is exposed to the risk that these external managers may fail to fulfill some or all of their duties under the respective service agreement and that it may not be able to adequately control or influence the management of the units in the new portfolio. As a result of past acquisitions, Deutsche Wohnen Group consists of a large number of legal entities and has a complex group structure. Accordingly, enhanced controlling and steering efforts are necessary to manage Deutsche Wohnen. Deutsche Wohnen cannot rule out that its efforts may not produce the desired results.

1.3 Legal Risks

1.3.1 Deutsche Wohnen’s ability to increase rents is subject to legal restrictions. These restrictions are already extensive and could be further tightened in the future.

Deutsche Wohnen’s operations primarily consist of owning and managing residential property. A negative trend in rental regulations in one or several countries or regions where the Group operates may lead to lower rental revenues, or rents that do not increase to expected levels.

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Under German law, lessors have limited options for raising rents on existing leases. If the parties to leases have not agreed on graduated rent (Staffelmiete, only permissible within certain limits) or a rent index (Indexmiete) and the tenant rejects a change in the lease, a unilateral rent increase is only possible within the certain limits. Generally, rents can only be increased by 20% over three years and for existing leases only up to the locally prevailing comparative levels of rent (ortsübliche Vergleichsmiete). The locally prevailing rents are generally set forth in rent indices (Mietspiegel), which are regularly published, usually by the respective municipalities. In certain German municipalities the cap has been reduced to 15% over three years. Moreover, subject to the legal or contractual requirements, in the event of modernization work that (i) sustainably saves on energy (energy modernization) or (ii) sustainably reduces water consumption or (iii) sustainably increases the value in use of the rented premises or (iv) improves the general living conditions in the long term or (v) in the event of modernization work performed on account of circumstances for which the lessor is not responsible and that is not maintenance work, the lessor can pass on the costs to the tenants by increasing the annual rent by currently up to 8% of the costs incurred (less the costs that would have been incurred for maintenance work anyway). This does not apply if the tenant can prove that the rent increase would mean unreasonable hardship. Additionally, in municipalities in which the supply of affordable housing is determined to be threatened, rent increases for new leases are limited to a maximum of 10% above the higher of the locally prevailing comparative rent level or the previous tenant’s rent (Mietpreisbremse). If the rent being paid in the past were to be deemed to exceed the permittable level, overpaid rent would have to be returned. Deutsche Wohnen is therefore subject to the risk that rent it has already collected would have to be returned to its tenants if existing lease agreements are found to be in violation of legal restrictions. Changes to the legal framework at the level of the European Union or in Germany could have a further negative impact on Deutsche Wohnen’s ability to implement rent increases. Affordable housing is a political issue that receives a great deal of attention. It is impossible to predict whether and to what extent the challenges caused by the recent wave of immigration will affect the legal framework for tenants and landlords. In Berlin, a new law was passed by the parliament of Berlin and entered into force on February 23, 2020, according to which rents in the city will in certain cases not be permitted to be raised beyond levels agreed as of June 18, 2019 for a period of five years from the commencement of the law (Mietendeckel). The legislation also imposes limits on the maximum levels of rent permitted in respect of properties in Berlin built before 2014, with such limits depending on a number of factors, including the year of construction and the condition of the property. The imposition of such limits may result in rent reductions for current tenants and lower rents for new tenants. While the legislation has been challenged as unconstitutional by several legal experts and a number of political parties have previously announced their intention to initiate legal proceedings against the law, there is nevertheless a risk that the new law may limit the Group’s rental revenues in respect of properties in Berlin (see also 3.5 Recent Developments). As of the date of this Prospectus, a citizens’ initiative (Bürgerinitiative) in Berlin is seeking to force a legislative project in the state parliament (Landtag) through a petition for a referendum relating to the enactment of a new state law. The proposed law would force large real estate companies such as Deutsche Wohnen to transfer all or parts of their residential property portfolio located in Berlin to the state against the payment of compensation. Such compensation would be determined in accordance with statutory German law and could deviate from Deutsche Wohnen’s valuation of the relevant properties. The initiative has stated that the aim of such a nationalization (Vergesellschaftung) would be to create more affordable living space in Berlin. While legal experts have pointed out that it is highly unlikely that the proposed law would be constitutional under German law, as of the date of this Prospectus, a success of this initiative cannot be entirely ruled out.

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1.3.2 Deutsche Wohnen’s business is subject to the general legal and regulatory environment in Germany.

Deutsche Wohnen’s business is subject to the general legal framework applicable to housing, commercial real estate and retirement or nursing homes. This framework includes in particular the German landlord-tenant law, as well as special provisions in other laws, especially the German Nurs- ing Homes Act (Heimgesetz) and its equivalents on the state level, the German Residential Living and Nursing Contract Act (Wohn- und Betreuungsvertragsgesetz), social welfare legislation, construction laws, historic preservation laws and tax laws. Any changes to domestic or European laws or changes in the interpretation or application thereof may, therefore, have a negative effect on Deutsche Wohnen. In particular, an expansion of tenant protection laws in connection with conversions of apartments into condominiums may have negative effects on the sale of condominiums to investors. Other changes to tenant protection laws and changes to regulations governing the tenant’s responsibility for ancillary costs or modernization investments may have an adverse effect on the profitability of Deutsche Wohnen’s investments and results of operations. More restrictive environmental laws could result in additional expenses for Deutsche Wohnen. For example, the provisions on the handling of asbestos or other hazardous construction materials could become more restrictive and the Group could be required to take action. Further, by December 31, 2013, owners of properties with a centralized hot water production facility were obligated to test the level of potential legionella contamination and must repeat this test every three years, thereby causing them to incur additional costs. The same would hold true if the legal requirements relating to existing and permitted properties and their use were to become more onerous. Of particular significance are construction and environmental requirements. For example, the current version of the Energy Savings Ordinance (Energieeinsparverordnung) prescribes specified investments in renovation work aimed at reducing energy consumption (with respect to thermal insulation for instance) and requires the landlord or seller of a property to present an energy certificate that discloses the property’s energy efficiency prior to entry into a new lease or sale agreement. Moreover, if a seller or landlord advertises the property via commercial media, the energy performance indicator of the respective property’s existing energy certificate must be stated in the advertisement. Additionally, the amended ordinance requires the landlord to renovate the thermal insulation of the let building. For example, landlords of buildings with heating boilers that were installed prior to January 1, 1985 and that are used with liquid or gaseous fuel needed to be exchanged before 2015, or roofs need to meet a minimum heat insulation by the end of 2015. If it should be discovered during the course of a refurbishment or modernization that one of Deutsche Wohnen’s buildings is subject to historic preservation laws, the need to comply with the respective historic preservation requirements may lead to significant delays in the refurbishment or modernization process and the inability to carry out particular refurbishment or modernization measures, and also to significantly higher costs for the particular project. In the event of a sale of such a property to a buyer, these factors may, for example, result in the Group’s inability to fulfill its contractual obligations towards a buyer, with the consequence that the buyer’s obligation to make payments would be excused or deferred. The same would be true if the legal requirements relating to properties and their use become more onerous, particularly with respect to construction and environmental requirements; similarly, requirements might be imposed in order to increase the availability of handicapped-accessible and adapted housing.

1.3.3 Deutsche Wohnen may be unable to increase prices as commercially necessary in the business field Nursing and Assisted Living.

The business field Nursing and Assisted Living is currently subject, in particular, to the provisions of Books XI and XII of the German Social Security Code (Sozialgesetzbuch), the Nursing Home Act (Heimgesetz), complementary state legislation and the law relating to accommodation and

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care contracts (Wohn- und Betreuungsvertragsgesetz). These statutes govern, among other things, the remuneration scheme for nursing and retirement home contracts, the goods and services needed for basic care and housekeeping care for which the nursing care insurance (Pflegeversicherung) or other institutions pay reimbursement, and cost reimbursement. In developing its fee schedule, Deutsche Wohnen is required to comply with these legal mandates and cannot, therefore, exercise unfettered discretion in structuring the fees. For example, fee increases – insofar as they can be implemented in the respective regional market – must be approved by or, as the case may be, negotiated with the reimbursing entities (nursing care funds or social welfare funding bodies). If a requested fee increase is not approved, it might be impossible to increase fees, or possible only by way of protracted administrative proceedings.

1.3.4 Deutsche Wohnen is subject to numerous legal requirements that limit its discretion in connection with the acquisition and management of real estate portfolios and companies previously held by government entities.

In acquiring and managing real estate portfolios purchased from government entities, such as states and municipalities, Deutsche Wohnen is often subject to various restrictions imposed by contractual obligations. For example, purchase agreements relating to real estate owned by government entities typically require that tenants be afforded preference in the event of the sale of their units or that tenants obtain a right of first refusal with respect to the purchase of units they rent, that older tenants receive certain protection from eviction, that no luxury refurbishment may be undertaken, that only limited rent increases are permitted and that other social concerns and objectives of city planners are to be observed. Additionally, such agreements often contain conditions requiring governmental consent regarding various significant structural changes and measures. These restrictions may result in Deutsche Wohnen being unable to optimize the management of the relevant residential properties or to initiate sales or modernization measures as desired. This may result in lower income in the Residential Property Management and Disposals segments.

1.3.5 The business field Nursing and Assisted Living may be subject to greater regulatory constraints as a consequence of legal reforms.

Legislative authority relating to nursing homes, which applies to the retirement and nursing home sector, was transferred from the federal government to the state governments in 2006. All German states have enacted their own nursing home statutes to date. As state-specific nursing home laws develop, Deutsche Wohnen expects – also with a view to future amendments to nursing home laws – that there will increasingly be different standards for the operation of retirement and nursing homes, and it is possible that new regulatory framework conditions may lead to higher costs and have a negative impact on the business field Nursing and Assisted Living. Moreover, laws governing health and welfare may be changed by other reforms. This may result in increased costs for the care of long-term care patients that might no longer be borne by the nursing care funds. In addition, home-based care and services provided by relatives and other volunteer caregivers have been strengthened through various measures as a result of the German Care Realignment Act of 2013 (Pflege-Neuausrichtungs-Gesetz). Home-based care and services provided by relatives are lately being, and could be further encouraged in the future with additional reforms. Effective as of January 1, 2015 the First Care Support Act (Erstes Pflegestärkungsgesetz) has substantially expanded on benefits granted to individuals in need of care, as well as their relatives. The First Care Support Act (Erstes Pflegestärkungsgesetz) is designed to strengthen and to promote the home-based care situation with additional financial means and improved respite care (Verhinderungs- und Kurzzeitpflege) which could reduce the need for retirement homes and, respectively, assisted living and nursing homes. The Second Care Support Act (Zweites Pflegestärkungsgesetz), effective as of January 1, 2017, introduced a new definition of the concept of the need for long-term care and a new assessment procedure, in particular to help dementia patients in need of care by granting equal access to the benefits of long-term care insurance, which could further reduce the need for retirement homes and, respectively, assisted living and nursing homes. The planned

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growth in the business field Nursing and Assisted Living may be more difficult to achieve as a result, or even prevented altogether.

1.3.6 Any failure to comply with the restrictions on the rental management of subsidized residential units may result in fines, contractual penalties and an obligation to refund subsidies.

Public subsidies are of relevance for Deutsche Wohnen, in particular for the companies of the GSW Group. As a result of the receipt of public subsidies, Deutsche Wohnen is subject to various restrictions limiting its ability to manage and sell certain of its residential properties, in particular with regards to rent increases, modernizations, privatizations, institutional sales and other divestitures. Failure to comply with the specific conditions underlying the respective subsidies may result in contractual penalties, fines and reputational damage. Furthermore, Deutsche Wohnen’s entitlements to future subsidies may be withdrawn and past subsidies may be revoked with retroactive effect. As a consequence, Deutsche Wohnen may be required to repay such subsidies. Government subsidies are typically granted in the form of low-interest loans or financial aid and government grants. In order to compensate for construction, financing and property-related costs through public funding, public authorities often establish maximum rent levels for the respective properties. Even though rent levels established by the public authorities are below current market rents for a large number of rent-restricted residential units, it may be difficult to increase rents to market levels once the subsidy- related restrictions lapse. This is because the existing tenant base in rent restricted residential units may not be able or willing to pay market level rents for such properties. Upon the expiry of such rent restrictions, Deutsche Wohnen may not be able to adjust current rent levels for rent restricted residential units to market rents. Moreover, no assurance can be given that Deutsche Wohnen will continue to be able to secure public funding at the same level as it did in the past. Reduced public funding may result from, among other factors, further cut-backs on public subsidies by government agencies. In addition, a considerable amount of Deutsche Wohnen’s revenue is directly or indirectly dependent on social aid provided to or on behalf of Deutsche Wohnen’s tenants, such as unemployment benefits (Arbeitslosengeld I), social welfare (Arbeitslosengeld II, Grundsicherung) and housing subsidies (Wohngeld).

1.3.7 Deutsche Wohnen may be subject to liability claims in connection with sold properties.

In connection with the sale of real estate, Deutsche Wohnen makes representations and warranties to the purchasers with respect to certain property characteristics. The potential liability resulting therefrom usually continues to exist for a period of several years after the sale. In particular, Deutsche Wohnen may be subject to claims for damages from purchasers who assert that the representations and warranties the Group made to them were incorrect, or that it failed to meet its obligations. This may lead to legal disputes or litigation with the purchasers, as a consequence of which Deutsche Wohnen may be required to make a payment to the purchasers without being able to take recourse against the predecessor in title or other third parties in each case. To the extent the Company made warranties to third parties in connection with refurbishment measures and claims are asserted against it because of defects, it is not always certain that it will have recourse against the companies that performed the work and that its recourse claims would be enforceable. As a seller of properties, Deutsche Wohnen remains liable to existing tenants at the time of sale for any breach of lease agreements by the buyer. This applies also and specifically where Deutsche Wohnen no longer has any control over the property. Moreover, the Group continues to be exposed to liability for breach of contract even in the event that the buyer resells the property and the subsequent buyer breaches lease agreements. However, if a seller notifies the tenant of the change of ownership and the tenant fails to avail itself of the opportunity to terminate the tenancy at the earliest permitted termination date, the seller is released from liability.

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1.3.8 Deutsche Wohnen’s use of standardized contracts may multiply the risks as compared with the use of individual contracts.

Deutsche Wohnen maintains legal relationships with a large number of persons, primarily tenants, employees and purchasers of residential properties. In this context, the Group also uses standardized contractual conditions and general business terms. If these terms contain provisions that are or become disadvantageous to Deutsche Wohnen, e.g., through changes in interpretation by the courts, or if clauses therein are invalid or become invalid, e.g., due to new law, such changes in terms will affect a large number of standardized contracts. As a general rule, standardized terms are invalid if they are not worded clearly and transparently or if they are unbalanced and discriminatory against the other party. It is impossible to fully avoid risks arising from the use of such standardized contractual terms because of the frequency of changes that are made to the legal framework, particularly court decisions relating to general terms and conditions of business. One example of this is the Federal Court of Justice’s decision relating to the invalidity of decorative repair clauses that provide fixed schedules for the tenant’s performance of decorative repairs or which unreasonably restrict the way the tenant carries out the decorative repairs. The invalidity of such clauses results in higher maintenance costs for the landlord because the landlord is held responsible for maintenance to a bigger extent than expected. Even in the case of contracts prepared with legal advice, problems of this nature cannot be prevented, either from the outset or in the future due to subsequent changes in the legal framework, particularly case law, making it impossible for Deutsche Wohnen to avoid the ensuing legal disadvantages.

1.3.9 Deutsche Wohnen may be subject to additional claims for pension and benefits obligations.

On a Group level, Deutsche Wohnen is liable for pension obligations based on retirement provisions in the form of pension grants. For this purpose, the Company recognized employee benefit liabilities of €107.2 million in the audited consolidated financial statements as of and for the fiscal year ended December 31, 2019, which were prepared in accordance with International Financial Reporting Standards, as adopted by the European Union (“IFRS”). The actual amount of these obligations, however, cannot be fully calculated in advance and involves substantial uncertainty, so that the actual pension obligations may exceed the recognized employee benefit liability. Moreover, there is a statutory obligation to review the need for adjustments and, if applicable, to adjust the amount of the pension payments. If such a review was not undertaken in the past or if pension adjustments were not made as required by law, the Company may be subject to an obligation to pay the unpaid pension adjustments and to increase future pension payments. Deutsche Wohnen bears considerable financial risk in connection with a number of pension schemes if the current employee benefit provisions should prove to be insufficient. In addition, unforeseen benefit claims, contribution obligations or back payment obligations may arise for a material amount.

1.3.10 Minority shareholders of GSW may force an increase of the exchange ratio and/or annual compensation under the domination agreement.

On April 30, 2014, the Company, as the controlling company, and GSW Immobilien AG (“GSW”), as the controlled company, entered into a domination agreement (the “Domination Agreement”). Following the approval by the general meetings of both parties to the agreement, the Domination Agreement entered into force upon registration in the commercial register of GSW on September 4, 2014. Pursuant to the Domination Agreement, Deutsche Wohnen SE guarantees the minority shareholders of GSW (the “Minority GSW Shareholders” and each a “Minority GSW Shareholder”) for the duration of the agreement a fixed annual compensation in the form of a guaranteed gross dividend of €1.66 for each share of GSW for each entire fiscal year of GSW. Furthermore, the Company undertook, at the request of a Minority GSW Shareholder, to acquire a Minority GSW Shareholder’s -23-

shares in GSW in exchange for bearer shares in the Company in the ratio of 7 shares of the Company for 3 registered shares of GSW (“Exchange Ratio”) within a defined period which ended on November 4, 2014. In 2015, the Exchange Ratio was adjusted to 7.079 shares of the Company for 3 shares of GSW due to a capital increase of the Company. Certain Minority GSW Shareholders have initiated appraisal proceedings (Spruchverfahren) before the Regional Court (Landgericht) of Berlin pursuant to the German Act on Appraisal Proceedings (Spruchverfahrensgesetz) (see “3.1.7 Litigation). If such action were successful, Deutsche Wohnen would be required to grant higher Exchange Ratio and/or annual compensation to the Minority GSW Shareholders. In this case, former Minority GSW Shareholders could also require a corresponding supplement to the compensation that they have already received.

1.3.11 Deutsche Wohnen is exposed to risks from possible violations of data protection regulations.

On May 25, 2018, the General Data Protection Regulation (“GDPR”) entered into force in all European member states, providing for substantial changes in the regulatory landscape of data protection. The aim of the GDPR is to protect all EU citizens from data protection violations. The GDPR applies to all companies that process personal data of data subjects resident in the European Union, regardless of their location. With about 161,300 residential and 2,800 commercial units in Germany, that Deutsche Wohnen manages for third parties, Deutsche Wohnen has a high processing volume for private data due to the many tenants. Deutsche Wohnen has introduced extensive organizational procedures as part of its compliance systems in order to take into account the new data protection aspects introduced by the GDPR in data processing. However, the regulation of the GDPR is complex and the volume of data processed by Deutsche Wohnen is considerable. It cannot be guaranteed that Deutsche Wohnen’s compliance systems are actually sufficient to control the risks associated with the GDPR. For example, in 2019, the competent supervisory authority imposed a fine on Deutsche Wohnen relating to a data archival solution of Deutsche Wohnen that has already been replaced, which is now the subject of judicial review. Should Deutsche Wohnen violate essential provisions of the GDPR, substantial fines of up to 4% of the worldwide annual turnover for the most recent fiscal year or €20 million (whichever is higher) may be imposed. In addition to the financial damage that Deutsche Wohnen may suffer, violations of the GDPR may also cause considerable damage to its reputation, which may lead to a loss of confidence of existing or future tenants, which may have a negative impact on future rental income.

1.4 Tax Risks

1.4.1 Any disadvantageous changes in the tax environment may have a material adverse effect on Deutsche Wohnen’s net assets, financial condition and results of operations.

It cannot be excluded that changes in tax legislation, administrative practice or case law, or changes in the interpretation thereof, which are possible at any time on short notice, may have adverse tax consequences for the Deutsche Wohnen Group. For example, there may be increases in real-estate- related taxes, such as RETT (see also “1.4.4 A planned reform of the German RETT system could include provisions that adversely affect Deutsche Wohnen’s business.“) and property tax, or capital gains tax. Additionally, the ability to depreciate owned real estate may be restricted. This may have a material adverse effect on the attractiveness of real estate and thus also on Deutsche Wohnen Group’s Disposals segment. Amendments to applicable laws, orders and regulations may also have a retroactive effect.

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1.4.2 Deutsche Wohnen Group may be required to pay additional taxes following tax audits of the Group and Group companies.

Deutsche Wohnen’s business activity is assessed for tax purposes based on currently applicable tax legislation taking into account current case law and administrative interpretations. Changes in interpretation by the tax authorities, of tax legislation or of tax case law could have a material adverse effect on the Group’s net assets, financial condition and results of operations. Deutsche Wohnen Group companies are regularly subject to tax audits. Deutsche Wohnen has paid the tax liabilities, and made provisions, with respect to tax risks resulting from current or past tax audits. However, it cannot be excluded that the actually assessed taxes resulting from such tax audits exceed such provisions.

1.4.3 There are risks with respect to the amount of tax-loss carry-forwards.

Deutsche Wohnen Group companies have substantial tax-loss carry-forwards. These tax-loss carry-forwards may, subject to certain restrictions, reduce future taxable income and taxable trade profit. However, tax-loss carry-forwards are no longer usable, at the level of the Company and its direct and indirect subsidiaries in proportion to the acquired shares, if, within a period of five years, more than 25% of the shares or voting rights of the Company are combined, directly or indirectly, to be held by one shareholder (a so-called harmful acquisition). Shares are deemed to have been combined (including by way of a capital increase) for these purposes if they are assigned to a single acquirer, persons related to such acquirer, or a group of acquirers whose interests are aligned. Since Deutsche Wohnen’s issued share capital is fully traded on the Frankfurt Stock Exchange as free float, a harmful acquisition may take place as part of exchange trading without the Company being able to influence it. Likewise, previous capital increases could be considered a harmful acquisition within the meaning of the pertinent rule. In case of a transfer of more than 50% of the shares or voting rights all tax-loss carry-forwards will be lost. In case of harmful acquisitions, the tax-loss carry-forwards may survive to the extent the respective company has, at the time of the harmful share transfer, certain built-in gains (stille Reserven) which are subject to tax in Germany. As a result, there is a risk that Deutsche Wohnen Group will be unable to utilize, in whole or in part, its corporation tax loss carry-forwards, which amounted to approximately €1.649 billion as of December 31, 2019, and its trade tax-loss carry-forwards amounted to approximately €1.394 billion as of December 31, 2019.

1.4.4 A planned reform of the German RETT system could include provisions that adversely affect Deutsche Wohnen’s business.

At the date of this Prospectus, the legislative process for a reform of the German RETT is underway. In this context, a draft bill of the “Act on the amendment of the Real Estate Transfer Tax” (Gesetz zur Änderung des Grunderwerbssteuergesetzes) was published. Under the current legal situation, share deals in connection with real estate holding companies trigger German RETT in particular in the following cases:  transfer of at least 95% of the shares in a real estate-holding partnership (but not a corporation) within five years to (any number of) new shareholders upon completion of the transfer (the “Partnership Rule”);  unification of at least 95% of the shares in a real estate-holding company (partnership or corporation) in the hands of a single owner or a group of related shareholders already upon signing; or  holding of an economic participation of at least 95% in a real estate-holding company (partnership or corporation) in the hands of a single owner. The draft bill provides for, inter alia, the following amendments:  Generally, the relevant threshold of currently 95% will be lowered to 90%;  the general watching period of currently five years will be extended to ten years, and -25-

 there will be a new provision which is modelled after the Partnership Rule and extends its scope to corporations. As a consequence, in the future a direct or indirect transfer of at least 90% of the shares in a real estate-holding corporation within ten years to (any number of) new shareholders will trigger RETT (the “New Corporation Rule”). This could mean that Deutsche Wohnen could only acquire 89.9% of the shares in a corporation, which holds German real estate, without triggering RETT if (i) the seller of the shares has already held at least 10.1% of the shares in such corporation in the ten-year period prior to the sale and (ii) continues to hold 10.1% of the shares in such corporation for further ten years following the sale. In particular with respect to the latter requirement, RETT could then also be triggered in case of changes to the direct or indirect shareholdings in the seller within the ten-year period following the acquisition of the shares by Deutsche Wohnen. Committees of the Federal Council (Bundesrat) issued certain recommendations regarding this new draft bill on September 9, 2019, not objecting to the proposed reduction of the 95% threshold. They have however recommended an exception to the New Corporation Rule for exchange- listed companies. As of the date of this Prospectus, the bill is still in draft form and will be subject to further discussion by the legislative bodies. It cannot be entirely excluded that the RETT thresholds may even be reduced to below 90% or that the final bill does not provide for an exemption for listed corporations in respect of transfers of shares. But even if the threshold is fixed at 90% and the above described exemption for listed companies is included, the proposed legislative changes are expected to significantly increase the complexity of future acquisition processes by way of share or interest deals. The proposed amendments would further increase the required minority rights for the seller, increase the acquisition costs and would result in future administrative burdens in respect of the newly acquired entity. The changes in the law under discussion could even have the effect that it would no longer be possible to prevent the levying of RETT in such transfer processes. Further, it needs to be noted, that it can currently not be excluded that direct or indirect changes to the shareholding in Deutsche Wohnen or in any of the various third parties held 5.1% of the ownership rights in each of the Group’s significant property holding subsidiaries may trigger RETT with respect to some or all of the real estate of Deutsche Wohnen, if such changes result in an indirect transfer of at least 90% of the shares in the property holding subsidiaries to new shareholders within a period of ten years. The above-mentioned direct or indirect changes to the shareholding may however be outside of the control of Deutsche Wohnen.

1.5 Risks Relating to the Notes

1.5.1 Holders are subject to risks relating to fixed interest notes.

The Notes bear interest at a fixed rate. A Holder of a fixed interest rate note bears the risk that the price of such note may fall as a result of changes in the current interest rate on the capital market (the “Market Interest Rate”). While the nominal interest rate of a note with a fixed interest rate is fixed in advance for the entire duration or during a certain period, the Market Interest Rate typically changes on a daily basis. As the Market Interest Rate changes, the price of a note with a fixed interest rate also changes – but in the opposite direction. If the Market Interest Rate increases, the price of a note with a fixed interest rate typically falls until the yield of such note approximately equals the Market Interest Rate. If the Market Interest Rate decreases, the price of a fixed interest rate note typically increases until the yield of such note is approximately equal to the Market Interest Rate. Potential investors should be aware that movements of the Market Interest Rate may adversely affect the market price of the Notes and lead to losses for Holders if they sell their Notes. If the Holder holds Notes until maturity, changes in the Market Interest Rate are without relevance to such Holder as the Notes will be redeemed at their principal amount.

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1.5.2 The Issuer may partly or completely fail to make payments on the Notes.

Any person who purchases Notes is relying on the creditworthiness of the Issuer and has no rights against any other person. Holders are subject to the risk that the Issuer partly or completely fails to make payments on the Notes which the Issuer is obliged to make. The worse the creditworthiness of the Issuer, the higher the risk of a loss. A materialization of the credit risk may result in partial or complete failure of the Issuer to make payments under the Notes. In addition, even if the likelihood that the Issuer will be in a position to fully perform all obligations under the Notes when they fall due, actually has not decreased, market participants could nevertheless be of that opinion. In particular, market participants may be of this opinion if their assessment of the creditworthiness of corporate debtors in general or debtors operating in the same industry as the Issuer adversely changes. If any of these risks occurs, third parties would only be willing to purchase Notes for a lower price than before the materialization of said risk, or not at all.

1.5.3 The Notes will effectively be subordinated to the Issuer’s debt to the extent such debt is secured by assets that are not also securing the Notes.

Although the Terms and Conditions require the Issuer and its material subsidiaries to secure the Notes equally if they provide security for the benefit of capital market indebtedness, the requirement to provide equal security to the Notes is limited to capital market indebtedness and is subject to a number of significant exceptions and carve-outs as set forth in detail in the Terms and Conditions included in this Prospectus. To the extent the Issuer or any of its subsidiaries provides security interest over their assets for the benefit of other debt without also securing the Notes, the Notes will effectively be junior to such debt to the extent of such assets. As a result of the foregoing, holders of (present or future) secured debt of Deutsche Wohnen may recover disproportionately more on their claims than the Holders in an insolvency, bankruptcy or similar proceeding. The Issuer may not have sufficient assets remaining to make payments under the Notes.

1.5.4 The Notes are structurally subordinated to creditors of the Issuer’s subsidiaries.

The Notes will not be guaranteed by any of the subsidiaries of the Issuer. Generally, claims of creditors of a subsidiary, including trade creditors, secured creditors, and creditors holding indebtedness and guarantees issued by the subsidiary, will have priority with respect to the assets and earnings of the subsidiary over the claims of creditors of its parent company. In the event of a liquidation, winding-up or dissolution or a bankruptcy, administration, reorganization, insolvency, receivership or similar proceeding of any subsidiary of the Issuer, such subsidiary will pay the holders of its own debt (including holders of third-party debt which such subsidiaries have guaranteed) before they would be able to distribute any of their assets to the Issuer. As a result, the Issuer may not have sufficient assets to make payments on the Notes. 1.5.5 The Notes restrict, but do not eliminate, Deutsche Wohnen Group's ability to incur additional debt, create liens or take other action that could negatively impact the Holders.

The Terms and Conditions restrict Deutsche Wohnen Group's ability to incur additional indebtedness by requiring the maintenance of certain loan-to-value and interest coverage ratios. However, these restrictions and undertakings may nonetheless allow the Issuer and its subsidiaries to incur significant additional (secured or unsecured) indebtedness, to grant additional security for the benefit of existing and future indebtedness and to enter into transactions, including reorganizations, mergers, acquisitions and other similar corporate transactions that may adversely affect the Holders. As a result of the foregoing, the Issuer may not have sufficient assets to make payments on the Notes. -27-

1.5.6 Risk of early redemption

At the Issuer's option, each Series of Notes may be redeemed prior to their respective maturity date at their principal amount if, as a result of a future change of the laws applicable in Germany, the Issuer will be obliged to pay Additional Amounts (as defined in the Terms and Conditions). Furthermore, each Series of Notes may be redeemed (i) at their principal amount at the option of the Issuer within a specified period prior to their respective maturity date or at any time (ii) at the Call Redemption Amount (as defined in the Terms and Conditions) or (iii) at the principal amount if 80 per cent. or more of the aggregate principal amount of the relevant Series of Notes have been redeemed or purchased. If the Notes are redeemed earlier than expected by a Holder, a Holder is exposed to the risk that due to the early redemption his investment will have a lower than expected yield and to the risks connected with any reinvestment of the cash proceeds received as a result of the early redemption. The redemption amount may be lower than the then prevailing market price of and the purchase price for the Notes paid by the Holder for the Notes so that the Holder in such case would not receive the total amount of the capital.

1.5.7 The Issuer’s ability to redeem or repurchase the Notes upon the occurrence of change of control events may be limited.

Upon occurrence of change of control events, the Holders will have the right to require the redemption or, at the option of the Issuer, repurchase (or procure the purchase) in whole or in part of all of their Notes at 101% of the principal amount of such Notes, plus interest accrued up to (but excluding) the put date. The Issuer’s ability to redeem or repurchase Notes upon such a change of control event will be limited by its access to funds at the time of the redemption or repurchase, as the case may be, and the Issuer may be required to repay 101% of the principal amount of such Notes, plus accrued and unpaid interest within a short period of time. The source of funds for these repayments would be the available cash or cash generated from other sources. However, there can be no assurance that the Issuer will have access to sufficient funds available upon a change of control event to make these repayments and any required redemption or repurchases of Notes.

1.5.8 There is no active public trading of Notes and it is unclear whether such active trading will develop.

Application has been made for each Series of Notes to be listed on the official list of the Luxembourg Stock Exchange (Bourse de Luxembourg) and to be admitted to trading on the Regulated Market of the Luxembourg Stock Exchange (Bourse de Luxembourg). However, no assurance can be given as to whether such admission to trading and/or listing will be obtained and for how long it may be sustained. Furthermore, the future development of a market for the Notes or the ability of Holders to sell their Notes or the price at which Holders may be able to sell their Notes is currently uncertain. If such a market were to develop, the Notes could trade at prices that may be higher or lower than the initial offer price depending on a variety of factors (e.g., prevailing interest rates, Deutsche Wohnen’s operating results, the market for similar securities and general economic conditions, performance and prospects as well as recommendations of securities analysts). The liquidity of, and the trading market for, the Notes may also be adversely affected by a general decline in debt securities markets. Such a decline may affect any liquidity and trading of the Notes independent of Deutsche Wohnen’s financial performance and prospects. In an illiquid market, Holders might not be able to sell Notes at fair market prices, or at all. The possibility to sell Notes may also be restricted by country specific reasons. Potential investors must therefore be prepared to retain the Notes for an unspecified time period.

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1.5.9 Transfer of the Notes will be restricted, which may adversely affect the value of the Notes.

The Notes have not been registered under the Securities Act, or any U.S. state securities laws. Consequently, the Notes may not be offered or sold 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 applicable state securities laws, and Holders who have acquired the Notes may be required to bear the cost of their investment in the Notes until their maturity. It is the Holders’ obligation to ensure that their offers and sales of the Notes within the United States and other countries comply with applicable securities laws.

1.5.10 Ratings may not reflect all risks and are subject to change.

Ratings assigned to the Issuer by rating agencies are an indicator of the Issuer’s ability to meet its obligations under the Notes in a timely manner. The lower the assigned rating is on the respective scale the higher the respective rating agency assesses the risk that obligations will be met in a timely manner or at all. The market value of the Notes from time to time is likely to depend upon the credit rating assigned to the long-term debt of the Issuer. Rating agencies may change, suspend or withdraw their ratings at short notice and this may affect the price and the market value of the Notes. Therefore, Holders may incur financial disadvantages as he may not be able to sell their Notes or will only be able to do so at a discount to the issue price or the purchase price paid by such Holder. One or more independent credit rating agencies may assign credit ratings to the Notes. The ratings may not reflect the potential impact of all risks related to the structure, market and additional factors discussed herein, and other factors that may affect the value of the Notes. In addition, Moody’s, S&P or any other rating agency may change its methodologies for rating securities with features similar to the Notes in the future. This may include the relationship between ratings assigned to an issuer’s senior securities and ratings assigned to securities with features similar to the Notes, sometimes called “notching”. If the rating agencies were to change their practices for rating such securities in the future and the ratings of the Notes were to be subsequently lowered as a consequence thereof, this may have a negative impact on the market price of the Notes. A credit rating is not a recommendation to buy, sell or hold Notes and may be revised or withdrawn by the rating agency at any time.

1.5.11 In case of certain events of default, the Notes of any Series will only be redeemable if Holders holding at least 15% of the aggregate principal amount of such Series of Notes then outstanding declare such Notes due and payable.

Under the Terms and Conditions, any notice declaring the Notes of any Series due and payable in case of certain events of default shall only become effective when the Paying Agent has received such default notices from Holders representing at least 15% of the aggregate principal amount of such Series of Notes then outstanding. In addition, the SchVG provides that even if the threshold of 15% for a default notice has been reached, the Holders could rescind such acceleration by majority resolution within three months. A simple majority of votes would be sufficient for a resolution on the rescission of such acceleration but, in any case, more Holders would have to consent to a rescission than have delivered default notices. Therefore, Holders will be unable to accelerate the Notes of any Series upon the occurrence of certain events of default, unless the required quorum of Holders delivers default notices and such acceleration is not rescinded by a majority resolution of the Holders. 1.5.12 Certain rights of the Holders under the Terms and Conditions of each Series of Notes may be amended or reduced or even cancelled by holders' resolutions and any such resolutions will be binding for all Holders of Notes of such Series. Any such resolution may effectively be

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passed with the consent of less than a majority of the aggregate principal amount of such Series of Notes outstanding.

Since the Terms and Conditions provide for meetings of Holders or the taking of votes without a physical meeting (Abstimmung ohne Versammlung) as described in Sections 5 et seq. of the German Act on Issues of Debt Securities of 2009 (Gesetz über Schuldverschreibungen aus Gesamtemissionen, “SchVG”), the Terms and Conditions of each Series of Notes may be amended by the Issuer with the consent of the majority of the Holders of such Series of Notes as described in § 13 of the Terms and Conditions. Therefore, a Holder is subject to the risk of being outvoted by a majority resolution of the Holders of such Series of Notes. As the relevant majority for Holders' resolutions is generally based on votes cast, rather than on the aggregate principal amount of such Series of Notes outstanding, any such resolution may effectively be passed with the consent of less than a majority of the aggregate principal amount of such Series of Notes outstanding. As such majority resolution is binding on all Holders, even on those who voted against the change, certain rights of such Holders against the Issuer under the Terms and Conditions may be amended or reduced or even cancelled, even for Holders who have declared their claims arising from the Notes due and payable but who have not received payment from the Issuer prior to the amendment taking effect, which may have significant negative effects on the value of the Notes and the return from the Notes. Since the Terms and Conditions of each Series of Notes, in accordance with the SchVG, provide that the Holders are entitled to appoint a holders' representative by a majority resolution of Holders of such Series of Notes (the “Holders’ Representative”), it is possible that a Holder may be deprived of its individual right to pursue and enforce its rights under the Terms and Conditions of such Series of Notes against the Issuer, such right passing to the Holders' Representative who is then exclusively responsible to claim and enforce the rights of all the Holders of such Series of Notes.

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2 TERMS AND CONDITIONS OF THE 2025 NOTES AND 2030 NOTES

ANLEIHEBEDINGUNGEN TERMS AND CONDITIONS

(die Anleihebedingungen) (the Terms and Conditions)

§ 1 § 1 WÄHRUNG, STÜCKELUNG, FORM, CURRENCY, DENOMINATION, FORM, BESTIMMTE DEFINITIONEN CERTAIN DEFINITIONS

(1) Währung; Stückelung. Diese Emission von (1) Currency; Denomination. This issue of notes Schuldverschreibungen (die (the Notes) of Deutsche Wohnen SE (the Schuldverschreibungen) der Deutsche Issuer), is being issued in the aggregate Wohnen SE (die Emittentin) wird am 30. principal amount of in case of the April 2020 (der Begebungstag) im 2025 Notes: € 500,000,000 (in words: five Gesamtnennbetrag von im Fall der hundred million) and in case of the 2025 Notes: € 500.000.000 (in Worten: 2030 Notes: € 500,000,000 (in words: five fünfhundert Millionen Euro) und im Fall der hundred million), in a denomination of 2030 Notes: € 500.000.000 (in Worten: € 100,000 each (the Specified Denomination fünfhundert Millionen Euro) in einer or the Principal Amount) on April 30, 2020 Stückelung von je € 100.000 (die Festgelegte (the Issue Date). Stückelung oder der Nennbetrag) begeben.

(2) Form. Die Schuldverschreibungen sind durch (2) Form. The Notes are represented by one eine auf den Inhaber lautende Globalurkunde global note payable to bearer without interest ohne Zinsscheine verbrieft (die coupons (the Global Note). The Global Note Globalurkunde). Die Globalurkunde trägt shall be signed manually by two authorised die eigenhändigen Unterschriften zweier signatories of the Issuer and shall be ordnungsgemäß bevollmächtigter Vertreter authenticated by or on behalf of the Paying der Emittentin und ist von der Zahlstelle oder Agent. in deren Namen mit einer Definitive notes and interest coupons shall Kontrollunterschrift versehen. not be issued. The right of the Holders to Einzelurkunden und Zinsscheine werden require the issue and delivery of definitive nicht ausgegeben. Ein Recht der Gläubiger notes or interest coupons is excluded. auf Ausgabe und Lieferung von Einzelurkunden oder Zinsscheinen besteht nicht.

(3) Clearingsystem. Die Globalurkunde, welche (3) Clearing System. The Global Note die Schuldverschreibungen verbrieft, wird representing the Notes shall be deposited bei Clearstream Banking AG, Eschborn, with Clearstream Banking AG, Eschborn, Deutschland (das Clearingsystem) hinterlegt, Germany (the Clearing System), until the bis sämtliche Verpflichtungen der Emittentin Issuer has satisfied and discharged all of its aus den Schuldverschreibungen erfüllt sind. obligations under the Notes. Gemäß dem zwischen der Emittentin und Pursuant to the book-entry registration Clearstream Frankfurt AG abgeschlossenen agreement between the Issuer and Book-Entry Registration Agreement hat die Clearstream Frankfurt AG, the Issuer has Emittentin Clearstream Frankfurt AG als appointed Clearstream Frankfurt AG as its Effektengiro-Registerführer bezüglich der book-entry registrar in respect of the Notes, Schuldverschreibungen bestellt und and Clearstream Frankfurt AG has agreed to Clearstream Frankfurt AG hat sich maintain a register showing the aggregate -31-

verpflichtet, ein Register über die jeweilige number of the Notes represented by the Gesamtzahl der durch die Globalurkunde Global Note under its own name. Clearstream verbrieften Schuldverschreibungen unter Frankfurt AG has agreed, as agent of the eigenem Namen zu führen. Clearstream Issuer, to maintain records of the Notes Frankfurt AG hat sich verpflichtet, als credited to the accounts of the accountholders Beauftragte der Emittentin in ihren Büchern of Clearstream Frankfurt AG for the benefit Aufzeichnungen über die auf den Konten der of the holders of the co-ownership interests in Kontoinhaber in Clearstream Frankfurt AG the Notes represented by the Global Note, zugunsten der Inhaber der and the Issuer and Clearstream Frankfurt AG Miteigentumsanteile an den durch diese have agreed that the actual number of Notes Globalurkunde verbrieften from time to time shall be evidenced by the Schuldverschreibungen zu führen. Die records of Clearstream Frankfurt AG. Emittentin und Clearstream Frankfurt AG haben ferner vereinbart, dass sich die tatsächliche Zahl der Schuldverschreibungen, die jeweils verbrieft sind, aus den Unterlagen von Clearstream Frankfurt AG ergibt.

(4) Übertragbarkeit. Den Gläubigern stehen (4) Transferability. The Holders shall receive Miteigentumsanteile oder vergleichbare proportional co-ownership participations or Rechte an der Globalurkunde zu, die nach similar rights in the Global Note that are Maßgabe des anwendbaren Rechts und der transferable in accordance with applicable jeweils geltenden Regelwerke des law and applicable rules of the Clearing Clearingsystems übertragen werden können. System.

(5) Gläubiger von Schuldverschreibungen. (5) Holder of Notes. Holder means any holder of Gläubiger bezeichnet jeden Inhaber eines a proportionate co-ownership or other Miteigentumsanteils oder anderen beneficial interest or right in the Notes. vergleichbaren Anteils oder Rechts an den Schuldverschreibungen.

§ 2 § 2 STATUS STATUS

Die Schuldverschreibungen begründen The obligations under the Notes constitute unmittelbare, unbedingte, nicht besicherte direct, unconditional, unsecured and und nicht nachrangige Verbindlichkeiten der unsubordinated obligations of the Issuer Emittentin, die untereinander und mit allen ranking pari passu among themselves and anderen nicht besicherten und nicht pari passu with all other unsecured and nachrangigen Verbindlichkeiten der unsubordinated obligations of the Issuer, Emittentin gleichrangig sind, soweit solchen unless such obligations are accorded priority Verbindlichkeiten nicht durch zwingende under mandatory provisions of statutory law. gesetzliche Bestimmungen ein Vorrang eingeräumt wird.

§ 3 § 3 NEGATIVVERPFLICHTUNG NEGATIVE PLEDGE

(1) Negativverpflichtung. Die Emittentin (1) Negative Pledge. The Issuer undertakes, so verpflichtet sich, solange long as any Notes are outstanding, but only Schuldverschreibungen ausstehen, jedoch up to the time all amounts of principal and nur bis zu dem Zeitpunkt, an dem alle Beträge interest have been placed at the disposal of an Kapital und Zinsen der Zahlstelle zur the Paying Agent, not to create or permit to -32-

Verfügung gestellt wurden, keine dinglichen subsist, and to procure that none of its Sicherungsrechte an ihren Vermögenswerten Material Subsidiaries will create or permit to zur Besicherung von subsist, any security interest in rem Kapitalmarktverbindlichkeiten mit (dingliches Sicherungsrecht) over its assets Ausnahme Verbriefter to secure any Capital Market Indebtedness Kapitalmarktverbindlichkeiten zu bestellen other than Securitized Capital Market oder fortbestehen zu lassen, und zu Indebtedness unless, subject to paragraph (3), gewährleisten, dass keine ihrer Wesentlichen the Issuer’s obligations under the Notes are Tochtergesellschaften die zuvor genannten secured equally with (or, in case such Capital Sicherungsrechte bestellt oder fortbestehen Market Indebtedness is subordinated debt, lässt, es sei denn, die Verbindlichkeiten der senior in priority to) the Capital Market Emittentin aus den Schuldverschreibungen Indebtedness secured by such security werden, vorbehaltlich Absatz (3), durch das interest. betreffende Sicherungsrecht gleichrangig mit der jeweiligen Kapitalmarktverbindlichkeit (oder, sofern es sich dabei um eine nachrangige Verbindlichkeit handelt, im Vergleich dazu vorrangig) besichert.

(2) Beschränkung. Die (2) Limitation. The undertakings pursuant to Verpflichtungserklärungen nach Absatz (1) paragraph (1) shall not apply to a security gelten jedoch nicht für eine Sicherheit, die which (i) was granted over assets of a (i) über Vermögensgegenstände einer subsidiary of the Issuer that becomes a Tochtergesellschaft der Emittentin, die erst Subsidiary only after the Issue Date, (ii) is nach dem Begebungstag zu einer mandatory according to applicable laws, Tochtergesellschaft der Emittentin wurde, (iii) is required as a prerequisite for gewährt wurde, (ii) nach anwendbarem Recht governmental approvals, (iv) exists on the zwingend vorgeschrieben ist, (iii) Voraus- Issue Date, (v) is granted by a Subsidiary setzung für die Gewährung staatlicher over any existing or future claims of this Genehmigungen ist, (iv) bereits am Subsidiary against the Issuer or any of its Begebungstag bestand, (v) durch eine Subsidiaries as a result of passing on Tochtergesellschaft zur Sicherung von proceeds from the sale of any issuance of any gegenwärtigen oder zukünftigen Ansprüchen securities, provided that such security serves dieser Tochtergesellschaft gegen die as security for obligations of this Subsidiary Emittentin oder eine ihrer under such securities, (vi) secures Capital Tochtergesellschaften aufgrund der Market Indebtedness existing at the time of Weiterleitung von Erlösen aus der Emission an acquisition that becomes an obligation of von Wertpapieren gewährt wurde, soweit the Issuer as a consequence of such diese Sicherheit zur Sicherung von acquisition, (vii) constitutes the renewal, Verpflichtungen dieser Tochtergesellschaft extension or replacement of any security aus diesen Wertpapieren dient, (vi) eine im pursuant to the foregoing (i) through (vi), or Zeitpunkt einer Akquisition bestehende (viii) does not fall within the scope of Kapitalmarktverbindlichkeit besichert, die application of (i) through (vii) above and infolge der Akquisition eine Verpflichtung which secures Capital Market Indebtedness der Emittentin wird, (vii) eine Erneuerung, with a principal amount (when aggregated Verlängerung oder Ersetzung einer with the principal amount of other Capital Sicherheit gemäß vorstehender Ziffern (i) bis Market Indebtedness which has the benefit of (vi) darstellt oder (viii) nicht in den security (issued by the Issuer or any Material Anwendungsbereich von (i) bis (vii) fällt und Subsidiary) other than any falling within the Kapitalmarktverbindlichkeiten besichert, scope of application of (i) through (vii) deren Kapitalbetrag (zusammen mit dem above) not exceeding € 400,000,000 (or its Kapitalbetrag anderer equivalent in other currencies). Kapitalmarktverbindlichkeiten, für die -33-

dingliche Sicherheiten (begeben durch die Emittentin oder eine Wesentliche Tochtergesellschaft) bestehen, die nicht in den Anwendungsbereich von (i) bis (vii) fallen) € 400.000.000 (bzw. den Gegenwert in anderen Währungen) nicht überschreitet.

Eine nach diesem Absatz (2) zu bestellende Any security which is to be provided pursuant Sicherheit kann auch zugunsten einer Person, to this paragraph (2) may also be provided to die als Treuhänder der Gläubiger tätig ist, a person acting as trustee for the Holders. bestellt werden.

(3) Bestellung Zusätzlicher Sicherheiten. (3) Provision of Additional Security. Whenever Entsteht für die Emittentin eine the Issuer becomes obligated to secure (or Verpflichtung zur Besicherung der procure that a Material Subsidiary secures) Schuldverschreibungen gemäß diesem § 3 the Notes pursuant to this § 3, the Issuer shall (oder entsteht die Verpflichtung, für deren be entitled to discharge such obligation by Besicherung durch eine Wesentliche providing (or procuring that the relevant Tochtergesellschaft Sorge zu tragen), so ist Material Subsidiary provides) a security die Emittentin berechtigt, diese interest in the relevant collateral to a security Verpflichtung dadurch zu erfüllen, dass sie trustee, such security trustee to hold such ein Sicherungsrecht an dem jeweiligen collateral and the security interest that gave Sicherungsgegenstand zugunsten eines rise to the creation of such collateral, equally, Sicherheitentreuhänders bestellt (bzw. for the benefit of the Holders and the holders dadurch, dass sie die betreffende Wesentliche of the Capital Market Indebtedness secured Tochtergesellschaft zur Begründung eines by the security interest that gave rise to the solchen Sicherungsrechts veranlasst), und creation of such security interest in such zwar in einer Weise, dass der collateral, such equal rank to be created in Sicherheitentreuhänder diesen rem or, if impossible to create in rem, Sicherungsgegenstand dinglich oder, falls contractually (dinglich oder, falls rechtlich rechtlich nicht möglich, aufgrund nicht möglich, aufgrund schuldrechtlicher schuldrechtlicher Vereinbarung gleichrangig Vereinbarung gleichrangig). zugunsten der Gläubiger der Schuldverschreibungen und der Gläubiger derjenigen Kapitalmarktverbindlichkeit hält, die aufgrund der Besicherung zur Bestellung dieses Sicherungsrechts an dem betreffenden Sicherungsgegenstand führte.

§ 4 § 4 VERZINSUNG INTEREST

(1) Zinssatz und Zinszahlungstage. Die (1) Rate of Interest and Interest Payment Dates. Schuldverschreibungen werden bezogen auf The Notes shall bear interest on their ihren Nennbetrag verzinst, und zwar vom 30. Principal Amount at the rate of in case of the April 2020 (der Verzinsungsbeginn) 2025 Notes: 1.00 per cent. per annum and in (einschließlich) mit im Fall der 2025 Notes: case of the 2030 Notes: 1.50 per cent. per 1,00 % p.a. und im Fall der 2030 Notes: annum from (and including) April 30, 2020 1,50 % p.a. bis zum Fälligkeitstag (the Interest Commencement Date) to (but (ausschließlich). Die Zinsen sind jährlich excluding) the Maturity Date. Interest shall nachträglich am 30. April zahlbar (jeweils ein be payable annually in arrears on April 30 (each such date, an Interest Payment Date).

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Zinszahlungstag). Die erste Zinszahlung The first payment of interest shall be made on erfolgt am 30. April 2021. April 30, 2021.

(2) Zahlungsverzug. Wenn die Emittentin aus (2) Late Payment. If the Issuer for any reason irgendeinem Grund die fails to redeem the Notes when due, interest Schuldverschreibungen bei Fälligkeit nicht shall continue to accrue on the outstanding zurückzahlt, wird der ausstehende Betrag amount from (and including) the due date to vom Tag der Fälligkeit (einschließlich) bis (but excluding) the date of actual redemption zum Tag der tatsächlichen Rückzahlung der of the Notes at the default rate of interest Schuldverschreibungen (ausschließlich) mit established by law 2 . Claims for further dem gesetzlichen Verzugszins1 verzinst. Die damages in case of late payment are not Geltendmachung eines weitergehenden excluded. Schadens im Falle eines Zahlungsverzugs ist nicht ausgeschlossen.

(3) Berechnung der Zinsen. Sind Zinsen für (3) Calculation of Interest. Where interest is to einen Zeitraum zu berechnen, der kürzer ist be calculated in respect of a period which is als die Zinsperiode, wird der Zins auf shorter than an Interest Period, the interest Grundlage der tatsächlichen Anzahl der in will be calculated on the basis of the actual dem betreffenden Zeitraum abgelaufenen number of calendar days elapsed in the Kalendertage (einschließlich des ersten, aber relevant period, from (and including) the first ausschließlich des letzten Tages dieses date in the relevant period to (but excluding) Zeitraums) geteilt durch die tatsächliche the last date of the relevant period, divided by Anzahl der Kalendertage der Zinsperiode the actual number of calendar days in the (einschließlich des ersten, aber ausschließlich Interest Period in which the relevant period des letzten Tages dieses Zeitraums), in den falls (including the first such day of the der maßgebliche Zeitraum fällt, ermittelt. relevant Interest Period, but excluding the last day of the relevant Interest Period).

Zinsperiode bezeichnet den Zeitraum ab dem Interest Period means the period from (and Verzinsungsbeginn (einschließlich) bis zum including) the Interest Commencement Date ersten Zinszahlungstag (ausschließlich) und to (but excluding) the first Interest Payment anschließend den Zeitraum vom jeweiligen Date and thereafter from (and including) each Zinszahlungstag (einschließlich) bis zum relevant Interest Payment Date to (but darauffolgenden Zinszahlungstag excluding) the next following Interest (ausschließlich). Payment Date.

§ 5 § 5 ZAHLUNGEN PAYMENTS

(1) Zahlung von Kapital und Zinsen. Die (1) Payment of Principal and Interest. Payment Zahlung von Kapital und Zinsen auf die of principal and interest in respect of the Schuldverschreibungen erfolgt, vorbehaltlich Notes shall be made, subject to paragraph (2) Absatz (2), an die Zahlstelle zur below, to the Paying Agent for forwarding to Weiterleitung an das Clearingsystem oder the Clearing System or to its order for credit dessen Order zur Gutschrift auf den Konten to the accounts of the relevant accountholders of the Clearing System.

1 Der gesetzliche Verzugszinssatz beträgt fünf Prozentpunkte über dem von der Deutschen Bundesbank jeweils veröffentlichen Basiszinssatz, §§ 288 Abs. 1, 247 Abs. 1 BGB. 2 The default rate of interest established by statutory law is five percentage points above the base rate of interest published by Deutsche Bundesbank from time to time, sections 288 paragraph 1, 247 paragraph 1 of the German Civil Code (Bürgerliches Gesetzbuch). -35-

der jeweiligen Kontoinhaber des Clearingsystems.

(2) Zahlungsweise. Vorbehaltlich geltender (2) Manner of Payment. Subject to applicable steuerlicher und sonstiger gesetzlicher fiscal and other laws and regulations, Regelungen und Vorschriften werden auf die payments of amounts due in respect of the Schuldverschreibungen fällige Zahlungen in Notes shall be made in Euro. Euro geleistet.

(3) Erfüllung. Die Emittentin wird durch (3) Discharge. The Issuer shall be discharged by Zahlung an das Clearingsystem oder dessen payment to, or to the order of, the Clearing Order von ihrer Zahlungspflicht befreit. System.

(4) Geschäftstag. Ist der Tag für eine Zahlung in (4) Business Day. If the date for payment of any Bezug auf eine Schuldverschreibung ein Tag, amount in respect of any Note is not a der kein Geschäftstag ist, so hat der Business Day then the Holder shall not be Gläubiger keinen Anspruch auf Zahlung vor entitled to payment until the next such day in dem nächsten Geschäftstag am jeweiligen the relevant place and shall not be entitled to Ort und ist nicht berechtigt, weitere Zinsen further interest or other payment in respect of oder sonstige Zahlungen aufgrund dieser such delay. For these purposes, Business Day Verspätung zu verlangen. Für diese Zwecke means a day (other than a Saturday or a bezeichnet Geschäftstag einen Tag (außer Sunday) on which banks are open for general einem Samstag oder Sonntag), an dem business in Frankfurt am Main and on which Banken in Frankfurt am Main für den the Clearing System as well as all relevant allgemeinen Geschäftsverkehr geöffnet sind parts of the Trans-European Automated Real- und an dem das Clearingsystem sowie alle time Gross Settlement Express Transfer maßgeblichen Bereiche des Trans-European System 2 (TARGET2) are operational to Automated Real-time Gross Settlement effect payments. Express Transfer System 2 (TARGET2) betriebsbereit sind, um Zahlungen vorzunehmen.

(5) Bezugnahmen auf Kapital und Zinsen. (5) References to Principal and Interest. Bezugnahmen in diesen Anleihebedingungen References in these Terms and Conditions to auf Kapital der Schuldverschreibungen principal in respect of the Notes shall be schließen, soweit anwendbar, die folgenden deemed to include, as applicable: the Final Beträge ein: Rückzahlungsbetrag, Wahl- Redemption Amount, the Call Redemption Rückzahlungsbetrag (Call), Wahl-Rück- Amount, the Put Redemption Amount, zahlungsbetrag (Put), gegebenenfalls gemäß Additional Amounts which may be payable § 8 zahlbare Zusätzliche Beträge und alle under § 8 and any other premium and any Aufschläge oder sonstigen auf die other amounts which may be payable under Schuldverschreibungen oder im or in respect of the Notes. References in these Zusammenhang damit gegebenenfalls Terms and Conditions to interest in respect of zahlbaren Beträge. Bezugnahmen in diesen the Notes shall be deemed to include, as Anleihebedingungen auf Zinsen auf die applicable, any Additional Amounts which Schuldverschreibungen schließen, soweit may be payable under § 8. anwendbar, sämtliche gegebenenfalls gemäß § 8 zahlbaren Zusätzlichen Beträge ein.

(6) Hinterlegung von Kapital und Zinsen. Die (6) Deposit of Principal and Interest. The Issuer Emittentin ist berechtigt, beim Amtsgericht may deposit with the local court Frankfurt am Main Kapital- oder Zinsbeträge (Amtsgericht) of Frankfurt am Main principal zu hinterlegen, die von den Gläubigern nicht or interest not claimed by Holders within

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innerhalb von zwölf Monaten nach dem twelve months after the Maturity Date, even Fälligkeitstag beansprucht worden sind, auch though such Holders may not be in default of wenn die Gläubiger sich nicht in acceptance of payment. If and to the extent Annahmeverzug befinden. Wenn und soweit that the deposit is effected and the right of eine solche Hinterlegung erfolgt und auf das withdrawal is waived, the respective claims Recht der Rücknahme verzichtet wird, of such Holders against the Issuer shall cease. erlöschen die diesbezüglichen Ansprüche der Gläubiger gegen die Emittentin.

§ 6 § 6 RÜCKZAHLUNG REDEMPTION

(1) Rückzahlung bei Endfälligkeit. Soweit nicht (1) Redemption at Maturity. Unless previously zuvor bereits ganz oder teilweise redeemed in whole or in part or purchased zurückgezahlt oder angekauft und entwertet, and cancelled, the Notes shall be redeemed at werden die Schuldverschreibungen zu ihrem their Final Redemption Amount on in case of Rückzahlungsbetrag am im Fall der the 2025 Notes: April 30, 2025 and in case 2025 Notes: 30. April 2025 und im Fall der of the 2030 Notes: April 30, 2030 (the 2030 Notes: 30. April 2030 (dem Maturity Date). The Final Redemption Fälligkeitstag) zurückgezahlt. Der Amount in respect of each Note shall be its Rückzahlungsbetrag einer jeden Principal Amount. Schuldverschreibung entspricht dabei ihrem Nennbetrag.

(2) Vorzeitige Rückzahlung aus steuerlichen (2) Early Redemption for Reasons of Taxation. If Gründen. Die Schuldverschreibungen (i) as a result of any change in, or amendment können jederzeit insgesamt, jedoch nicht to, the laws or regulations of the Federal teilweise, nach Wahl der Emittentin mit einer Republic of Germany (or in the event the Kündigungsfrist von mindestens 45 und Issuer becoming subject to another tax höchstens 60 Tagen durch Erklärung jurisdiction pursuant to § 8(4), the laws or gegenüber der Zahlstelle und gemäß § 15 regulations of such other tax jurisdiction) gegenüber den Gläubigern gekündigt und zu affecting taxation or the obligation to pay ihrem Nennbetrag zuzüglich bis zum für die duties of any kind, or any change in, or Rückzahlung festgesetzten Tag amendment to, an official interpretation or (ausschließlich) aufgelaufener Zinsen application of such laws or regulations, vorzeitig zurückgezahlt werden, falls (i) die which amendment or change becomes Emittentin als Folge einer Änderung oder effective on or after the date on which the Ergänzung der Gesetze oder Vorschriften der Notes were issued, the Issuer is required to Bundesrepublik Deutschland (oder für den pay Additional Amounts on the next Fall, dass die Emittentin gemäß § 8(4) einer succeeding Interest Payment Date, and this anderen Steuerrechtsordnung unterworfen obligation cannot be avoided by the use of wird, der Gesetze oder Vorschriften dieser measures available to the Issuer which are, in anderen Steuerrechtsordnung), die Steuern the judgement of the Issuer, in each case oder die Verpflichtung zur Zahlung von taking into account the interests of Holders, Abgaben jeglicher Art betreffen, oder als reasonable, the Notes may be redeemed, in Folge einer Änderung oder Ergänzung der whole but not in part, at the option of the offiziellen Auslegung oder Anwendung Issuer, at any time upon not more than 60 dieser Gesetze und Vorschriften days’ nor less than 45 days’ prior notice of (vorausgesetzt, diese Änderung oder redemption given to the Paying Agent and, in Ergänzung wird am oder nach dem Tag der accordance with § 15 to the Holders, at the Begebung der Schuldverschreibungen Principal Amount together with interest wirksam) am nächstfolgenden Zinszahlungstag zur Zahlung von -37-

Zusätzlichen Beträgen verpflichtet sein wird accrued to (but excluding) the date fixed for und diese Verpflichtung nicht durch das redemption. Ergreifen der Emittentin zur Verfügung stehender Maßnahmen vermieden werden kann, die nach Auffassung der Emittentin zumutbar sind (wobei jeweils die Interessen der Gläubiger zu berücksichtigen sind).

Eine solche Kündigung darf allerdings nicht However, no such notice of redemption may (i) früher als 90 Tage vor dem be given (i) earlier than 90 days prior to the frühestmöglichen Termin erfolgen, an dem earliest date on which the Issuer would be die Emittentin verpflichtet wäre, solche obligated to pay such Additional Amounts if Zusätzlichen Beträge zu zahlen, falls eine a payment in respect of the Notes was then Zahlung auf die Schuldverschreibungen dann due, or (ii) if at the time such notice is given, fällig wäre, oder (ii) erfolgen, wenn zu dem such obligation to pay such Additional Zeitpunkt, zu dem die Kündigung erklärt Amounts does not remain in effect. wird, die Verpflichtung zur Zahlung von Zusätzlichen Beträgen nicht mehr wirksam ist.

Eine solche Kündigung hat gemäß § 15 zu Any such notice shall be given in accordance erfolgen. Sie ist unwiderruflich, muss den für with § 15. It shall be irrevocable, must die Rückzahlung festgelegten Termin nennen specify the date fixed for redemption and und eine zusammenfassende Erklärung must set forth a statement summarizing the enthalten, welche die das Rückzahlungsrecht facts constituting the basis for the right of the der Emittentin begründenden Umstände Issuer so to redeem. darlegt.

(3) Vorzeitige Rückzahlung nach Wahl der (3) Early Redemption at the Option of the Issuer Emittentin (3-Monats Par Call). (3-month Par Call).

(a) Die Emittentin kann die (a) The Issuer may, upon prior notice of Schuldverschreibungen (ausgenommen redemption given to the Paying Agent Schuldverschreibungen, deren and, in accordance with (5), to the Rückzahlung der Gläubiger bereits in Holders, redeem, at its option, the Notes Ausübung seines Wahlrechts nach (except for any Note which is the subject Absatz (5) verlangt hat) insgesamt oder of the prior exercise by the Holder teilweise, nach ihrer Wahl durch thereof of the option to require the Erklärung gegenüber der Zahlstelle und redemption of such Note under gemäß § 15 gegenüber den Gläubigern paragraph § 15) in whole or in part within kündigen und innerhalb des Zeitraums the period from (and including) in case vom im Fall der 2025 Notes: 30. Januar of the 2025 Notes: January 30, 2025 and 2025 und im Fall der 2030 Notes: 30. in case of the 2030 Notes: January 30, Januar 2030 (einschließlich) bis zum 2030 to the Maturity Date (but excluding) Fälligkeitstag (ausschließlich) zu ihrem at their Final Redemption Amount Rückzahlungsbetrag zusammen mit allen together with any unpaid interest to the nicht gezahlten Zinsen, die bis zum für date fixed for redemption. die Rückzahlung festgesetzten Tag aufgelaufen sind, zurückzahlen.

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(b) Eine solche Kündigungserklärung ist (b) Such notice shall be irrevocable and must unwiderruflich und muss die folgenden specify (i) whether the Notes are to be Angaben beinhalten: (i) die Erklärung, redeemed in whole or in part and, if in ob die Schuldverschreibungen ganz oder part, the aggregate principal amount of teilweise zurückgezahlt werden und im the Notes which are to be redeemed, and letzteren Fall den Gesamtnennbetrag der (ii) the date fixed for redemption, which zurückzuzahlenden shall be not less than 30 nor more than 60 Schuldverschreibungen, und (ii) den für days after the date on which notice is die Rückzahlung festgesetzten Tag, der given by the Issuer to the Holders. nicht weniger als 30 und nicht mehr als 60 Tage nach dem Tag der Kündigung durch die Emittentin gegenüber den Gläubigern liegen darf.

(c) Werden die Schuldverschreibungen nur (c) In the case of a partial redemption of teilweise zurückgezahlt, werden die Notes, Notes to be redeemed shall be zurückzuzahlenden selected in accordance with the Schuldverschreibungen in customary proceedings of the relevant Übereinstimmung mit den üblichen Clearing System. Verfahren des betreffenden Clearingsystems ausgewählt.

(4) Vorzeitige Rückzahlung nach Wahl der (4) Early Redemption at the Option of the Issuer Emittentin (Make-Whole). Die Emittentin (Make-Whole). The Issuer may, upon not less kann die Schuldverschreibungen than 45 days’ nor more than 60 days’ prior (ausgenommen Schuldverschreibungen, notice of redemption given to the Paying deren Rückzahlung der Gläubiger bereits in Agent and, in accordance with § 15, to the Ausübung seines Wahlrechts nach Absatz (5) Holders, redeem on any date specified by it verlangt hat) insgesamt, jedoch nicht (each a Call Redemption Date), at its option, teilweise, nach ihrer Wahl mit einer the Notes (except for any Note which is the Kündigungsfrist von mindestens 45 und subject of the prior exercise by the Holder höchstens 60 Tagen durch Erklärung thereof of its option to require the redemption gegenüber der Zahlstelle und gemäß § 15 of such Note under paragraph (5)) in whole gegenüber den Gläubigern kündigen und an but not in part, at their Call Redemption einem von ihr anzugebenden Tag (dem Amount together with any unpaid interest jeweiligen Wahl-Rückzahlungstag (Call)) accrued to (but excluding) the Call zu ihrem Wahl-Rückzahlungsbetrag (Call) Redemption Date. Any such notice shall be zusammen mit allen nicht gezahlten Zinsen given in accordance with § 15. It shall be zurückzahlen, die bis zum Wahl- irrevocable and must specify the Call Rückzahlungstag (Call) (ausschließlich) Redemption Date. aufgelaufen sind. Eine solche Kündigung hat gemäß § 15 zu erfolgen. Sie ist unwiderruflich und muss den Wahl- Rückzahlungstag (Call) angeben.

Der Wahl-Rückzahlungsbetrag (Call) je The Call Redemption Amount per Note Schuldverschreibung entspricht (i) der means the higher of (i) the Specified Festgelegten Stückelung je Denomination per Note and (ii) the Make- Schuldverschreibung oder (ii), falls höher, Whole Amount per Note. dem Abgezinsten Marktpreis (Make-Whole Amount) je Schuldverschreibung.

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Die Berechnungsstelle berechnet den The Calculation Agent will calculate the Abgezinsten Marktpreis (Make-Whole Make-Whole Amount on the Redemption Amount) am Rückzahlungs-Berechnungstag, Calculation Date by discounting the indem die Festgelegte Stückelung je Specified Denomination per Note and the Schuldverschreibung und die verbleibenden remaining interest payments to the Maturity Zinszahlungen bis zum Fälligkeitstag auf Date on an annual basis, assuming a 365-day jährlicher Basis unter Zugrundelegung eines year or a 366-day year, as the case may be, Jahres mit 365 bzw. 366 Tagen und der Zahl and the actual number of days elapsed in such der tatsächlich in dem Jahr verstrichenen year and using the Benchmark Yield plus in Tage und mit der Benchmark-Rendite plus im case of the 2025 Notes: 30 basis points and Fall der 2025 Notes: 30 Basispunkte und im in case of the 2030 Notes: 35 basis points. Fall der 2030 Notes: 35 Basispunkte abgezinst werden.

Der Abgezinste Marktpreis (Make-Whole The Make-Whole Amount will be the sum of Amount) ist die Summe aus

(a) dem auf den Wahl-Rückzahlungstag (a) the Specified Denomination of the Note (Call) abgezinsten Wert der Festgelegten to be redeemed which would otherwise Stückelung der zurückzuzahlenden become due on the Maturity Date, Schuldverschreibung, der ansonsten am discounted to the Call Redemption Date; Fälligkeitstag fällig werden würde; und and

(b) den jeweils auf den Wahl- (b) the remaining interest payments which Rückzahlungstag (Call) abgezinsten would otherwise become due on each Werten der verbleibenden Interest Payment Date falling after the Zinszahlungen, die ansonsten an jedem Call Redemption Date to and including Zinszahlungstag nach dem Wahl- the Maturity Date (excluding any interest Rückzahlungstag (Call) bis zum accrued to but excluding the Call Fälligkeitstag (einschließlich) fällig Redemption Date), each discounted to werden würden (ausschließlich etwaiger, the Call Redemption Date. bis zum Wahl-Rückzahlungstag (ausschließlich) aufgelaufener Zinsen).

Benchmark-Rendite ist die Rendite zum Benchmark Yield means the yield as at the Rückzahlungs-Berechnungstag, die um oder Redemption Calculation Date appearing at or gegen 12:00 Uhr mittags (Frankfurter Zeit) around noon (Frankfurt am Main time) on the auf der Bildschirmseite fur die Screen Page in respect of the Benchmark Referenzanleihe angezeigt wird, oder, sollte Security, or if such yield cannot be so diese Rendite zu diesem Zeitpunkt nicht determined at such time, the yield appearing festgestellt werden können, die Rendite, die on the Screen Page at such other time on the zu einem anderen Zeitpunkt, der von der Redemption Calculation Date determined by Emittentin nach billigem Ermessen als the Issuer in its reasonable discretion to be angemessen ausgewählt wird, am appropriate. Rückzahlungs-Berechnungstag auf der Bildschirmseite angezeigt wird.

Bildschirmseite ist Bloomberg Seite im Fall Screen Page means Bloomberg page in case der 2025 Notes: DE0001141810 Govt HP of the 2025 Notes: DE0001141810 Govt HP und im Fall der 2030 Notes: DE0001102499 and in case of the 2030 Notes: Govt HP (Einstellung „Last Yield to DE0001102499 Govt HP (setting “Last Yield Convention“ und Verwendung der To Convention” and using the pricing source Preisquelle „FRNK“) (oder jede “FRNK”) (or any successor page or successor -40-

Nachfolgeseite oder Nachfolge-Preisquelle) pricing source) for the Benchmark Security, für die Referenzanleihe oder, falls diese or, if such Bloomberg page or pricing source Bloomberg-Seite oder Preisquelle nicht is not available, such other page (if any) from verfügbar ist, eine andere Seite (falls such other information provider displaying vorhanden) eines anderen substantially similar data as selected by the Informationsanbieters, die weitgehend Issuer in its reasonable discretion. ähnliche Daten anzeigt, wie von der Emittentin nach billigem Ermessen ausgewählt.

Referenzanleihe ist im Fall der 2025 Notes: Benchmark Security means in case of the die 0,00% Euro-Referenz-Anleihe der 2025 Notes: the 0.00% euro denominated Bundesrepublik Deutschland fällig 2025 mit benchmark debt security of the Federal ISIN DE0001141810 und im Fall der Republic of Germany due 2025, carrying 2030 Notes: die 0,00 % Euro-Referenz- ISIN DE0001141810 and in case of the Anleihe der Bundesrepublik Deutschland 2030 Notes: the 0.00% euro denominated fällig 2030 mit ISIN DE0001102499 oder, benchmark debt security of the Federal falls diese Anleihe am Rückzahlungs- Republic of Germany due 2030, carrying Berechnungstag nicht mehr aussteht, eine ISIN DE0001102499, or, if such security is von der Emittentin nach billigem Ermessen no longer outstanding on the Redemption ausgewählte Ersatz-Referenzanleihe, deren Calculation Date, such substitute benchmark Laufzeit mit der verbleibenden Restlaufzeit security selected by the Issuer in its der Schuldverschreibung bis zum reasonable discretion, having a maturity Fälligkeitstag vergleichbar ist, und die im comparable to the remaining term of the Note Zeitpunkt der Auswahlentscheidung und in to the Maturity Date, that would be used at Übereinstimmung mit der üblichen the time of selection and in accordance with Finanzmarktpraxis zur Preisbestimmung bei customary financial practice, in pricing new Neuemissionen von Unternehmensanleihen issues of corporate debt securities of mit einer vergleichbaren Laufzeit bis zum comparable maturity to the Maturity Date. Fälligkeitstag verwendet würde.

Rückzahlungs-Berechnungstag ist der Redemption Calculation Date means the zehnte Geschäftstag vor dem Tag, an dem die tenth Business Day prior to the date on which Schuldverschreibungen gemäß diesem the Notes are redeemed in accordance with Absatz (4) zurückgezahlt werden. this paragraph (4).

(5) Vorzeitige Rückzahlung nach Wahl der (5) Early Redemption at the Option of the Gläubiger bei Vorliegen eines Holders upon a Change of Control. Kontrollwechsels.

(a) Tritt nach dem Begebungstag ein (a) If a Change of Control occurs after the Kontrollwechsel ein, so ist jeder Issue Date, each Holder shall have the Gläubiger berechtigt, aber nicht right, but not the obligation, to require the verpflichtet, von der Emittentin die Issuer to redeem or, at the Issuer’s option, vollständige oder teilweise Rückzahlung purchase (or procure the purchase of) in oder, nach Wahl der Emittentin, den whole or in part his Notes, within 60 days Ankauf (oder die Veranlassung eines from the Put Event Notice, at the Put Ankaufs) seiner Schuldverschreibungen Redemption Amount (the Put Option). innerhalb von 60 Tagen nach der Such Put Option shall operate as set out Gläubigerwahl-Ausübungserklärung below under subparagraphs (b) and (c). zum Wahl-Rückzahlungsbetrag (Put) (das Gläubiger- Rückzahlungswahlrecht) zu verlangen.

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Dieses Gläubiger- Rückzahlungswahlrecht ist wie nachstehend unter den Unterabsätzen (b) und (c) beschrieben auszuüben.

Ein Kontrollwechsel gilt jedes Mal als A Change of Control shall be deemed to eingetreten (unabhängig davon, ob der have occurred at each time (whether or Vorstand oder der Aufsichtsrat der not approved by the management board Emittentin zugestimmt haben), wenn or supervisory board of the Issuer) that eine oder mehrere Personen, die any person or persons acting in concert gemeinsam handeln, (die relevante(n) (Relevant Person(s)) or any person or Person(en)) oder ein oder mehrere persons acting on behalf of any such Dritte, die im Auftrag der relevanten Relevant Person(s), at any time directly Person(en) handeln, zu irgendeiner Zeit or indirectly acquire(s) or come(s) to own unmittelbar oder mittelbar (i) mehr als (i) more than 50 per cent. of the issued 50 % des ausstehenden Grundkapitals ordinary share capital of the Issuer or der Emittentin oder (ii) eine solche (ii) such number of the shares in the Anzahl von Aktien der Emittentin, auf capital of the Issuer carrying more than die mehr als 50 % der Stimmrechte 50 per cent. of the voting rights. entfallen, erwirbt bzw. erwerben oder hält bzw. halten.

Der Wahl-Rückzahlungsbetrag (Put) Put Redemption Amount means for each bezeichnet für jede Schuldverschreibung Note 101 per cent. of the Principal 101 % des Nennbetrags einer solchen Amount of such Note, plus unpaid Schuldverschreibung zuzüglich nicht interest accrued to (but excluding) the Put gezahlter bis zum Wahl- Date. Rückzahlungstag (Put) (ausschließlich) aufgelaufener Zinsen.

(b) Tritt nach dem Begebungstag ein (b) If a Change of Control occurs after the Kontrollwechsel ein, so teilt die Issue Date, then the Issuer shall, without Emittentin dies unverzüglich, nachdem undue delay, after the Issuer becoming die Emittentin davon Kenntnis erlangt aware thereof, give notice of the Change hat, den Gläubigern gemäß § 15 mit (eine of Control (a Put Event Notice) to the Gläubigerwahl-Rückzahlungsereignis- Holders in accordance with § 15 Mitteilung) und gibt dabei die Art des specifying the nature of the Change of Kontrollwechsels und das in diesem Control and the procedure for exercising Absatz (5) vorgesehene Verfahren zur the Put Option contained in this Ausübung des Gläubiger- paragraph (5) (including the information Rückzahlungswahlrechts an (mit on the Clearing System account of the Angaben zum Clearingsystem-Konto der Paying Agent for purposes of Zahlstelle für die Zwecke von subparagraph (c)(ii)(x) of this Unterabsatz (c)(ii)(x) dieses paragraph (5)). Absatzes (5)).

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(c) Zur Ausübung des Gläubiger- (c) To exercise the Put Option, the Holder Rückzahlungswahlrechts muss der must deliver on any Business Day within Gläubiger an einem Geschäftstag 60 days after a Put Event Notice has been innerhalb von 60 Tagen, nachdem die published (the Put Period) (i) to the Gläubigerwahl-Rückzahlungsereignis- Paying Agent at its specified office a duly Mitteilung bekannt gegeben wurde (der signed and completed notice of exercise Ausübungszeitraum) (i) bei der in the then current form obtainable from bezeichneten Geschäftsstelle der the Paying Agent (a Put Notice) and Zahlstelle eine ordnungsgemäß (ii) the aggregate Specified ausgefüllte und unterzeichnete Denomination of Notes for which the Ausübungserklärung in der jeweils bei Holder wishes to exercise its Put Option der Zahlstelle erhältlichen maßgeblichen by either (x) transferring such Notes to Form einreichen (die Gläubiger- the Clearing System account of the Ausübungserklärung) und (ii) Schuld- Paying Agent or (y) giving an verschreibungen in Höhe des irrevocable instruction to the Paying Gesamtbetrags der Festgelegten Agent to withdraw such Notes from a Stückelung einreichen, für die der securities account of the Holder with the Gläubiger sein Gläubiger- Paying Agent. The Issuer shall redeem Rückzahlungswahlrecht ausüben or, at its option, purchase (or procure the möchte, und zwar entweder durch purchase of) the relevant Note(s) on the (x) Übertragung dieser date seven days after the expiration of the Schuldverschreibungen auf das Put Period (the Put Date) unless Clearingsystem-Konto der Zahlstelle previously redeemed or purchased and oder (y) Abgabe einer unwiderruflichen cancelled. Payment in respect of any Anweisung an die Zahlstelle, die Note so delivered will be made in Schuldverschreibungen aus einem accordance with the customary Wertpapierdepot des Gläubigers bei der procedures through the Clearing System. Zahlstelle auszubuchen. Die Emittentin A Put Notice, once given, shall be wird die betreffende(n) irrevocable. Schuldverschreibung(en) sieben Tage nach Ablauf des Ausübungszeitraums (der Wahl-Rückzahlungstag (Put)) zurückzahlen oder nach ihrer Wahl ankaufen (oder ankaufen lassen), soweit sie nicht bereits vorher zurückgezahlt oder angekauft und entwertet wurde(n). Die Zahlung in Bezug auf solchermaßen eingereichte Schuldverschreibungen erfolgt gemäß den üblichen Verfahren über das Clearingsystem. Eine einmal abgegebene Gläubiger- Ausübungserklärung ist unwiderruflich.

(6) Vorzeitige Rückzahlung bei Geringem (6) Early Redemption in case of Minimal Ausstehenden Gesamtnennbetrag der Outstanding Aggregate Principal Amount of Schuldverschreibungen. Wenn 80 % oder the Notes. If 80 per cent. or more of the mehr des Gesamtnennbetrags der aggregate principal amount of the Notes have Schuldverschreibungen nach diesem § 6 von been redeemed or purchased by the Issuer or der Emittentin oder einer direkten oder any direct or indirect Subsidiary of the Issuer indirekten Tochtergesellschaft der Emittentin pursuant to the provisions of this § 6, the zurückgezahlt oder angekauft wurden, ist die Issuer may, on not less than 30 or more than Emittentin berechtigt, nach vorheriger 60 days’ notice to the Holders given in Bekanntmachung gegenüber den Gläubigern accordance with § 15, redeem, at its option, -43-

gemäß § 15 mit einer Frist von mindestens 30 the remaining Notes in whole but not in part und höchstens 60 Tagen nach ihrer Wahl die at the Principal Amount thereof plus unpaid ausstehenden Schuldverschreibungen interest accrued to (but excluding) the date of insgesamt, aber nicht teilweise, zum actual redemption. Nennbetrag zuzüglich bis zum tatsächlichen Rückzahlungstag (ausschließlich) nicht gezahlter, aufgelaufener Zinsen zurückzuzahlen.

§ 7 § 7 ZAHLSTELLE, BERECHNUNGSSTELLE PAYING AGENT, CALCULATION AGENT

(1) Bestellung; bezeichnete Geschäftsstelle. Die (1) Appointment; Specified Office. The initial anfänglich bestellte Zahlstelle und die Paying Agent and the initial Calculation anfänglich bestellte Berechnungsstelle und Agent and their initial specified offices shall deren anfänglich bezeichneten be: Geschäftsstellen sind:

Zahlstelle: Paying Agent: Deutsche Bank Aktiengesellschaft Deutsche Bank Aktiengesellschaft Taunusanlage 12 Taunusanlage 12 60325 Frankfurt 60325 Frankfurt Germany Germany

Berechnungsstelle: Die Zahlstelle ist auch Calculation Agent: The Paying Agent shall die Berechnungsstelle. also be the Calculation Agent.

Die Zahlstelle und die Berechnungsstelle The Paying Agent and the Calculation Agent behalten sich das Recht vor, jederzeit ihre reserve the right at any time to change their bezeichneten Geschäftsstellen durch eine specified offices to some other office in the andere Geschäftsstelle in demselben Land zu same country. ersetzen.

(2) Änderung oder Beendigung der Bestellung. (2) Variation or Termination of Appointment. Die Emittentin behält sich das Recht vor, The Issuer reserves the right at any time to jederzeit die Bestellung der Zahlstelle oder vary or terminate the appointment of the der Berechnungsstelle zu ändern oder zu Paying Agent or the Calculation Agent and to beenden und zusätzliche oder eine oder appoint another Paying Agent, additional or mehrere andere Zahlstellen oder eine andere other paying agents or another Calculation Berechnungsstelle zu bestellen. Die Agent. The Issuer shall at all times maintain Emittentin wird zu jedem Zeitpunkt (i) eine (i) a Paying Agent, (ii) so long as the Notes Zahlstelle, (ii) solange die are listed on the Luxembourg Stock Schuldverschreibungen an der Luxemburger Exchange, a Paying Agent in such places as Börse notiert sind, eine Zahlstelle mit einer may be required by the rules of such stock bezeichneten Geschäftsstelle solchen Orten, exchange or its supervisory authority, and die die Vorschriften der betreffenden Börse (iii) a Calculation Agent. Any variation, oder ihrer Aufsichtsbehörde verlangen, und termination, appointment or change shall (iii) eine Berechnungsstelle unterhalten. Eine only take effect (other than in the case of Änderung, Beendigung, Bestellung oder ein insolvency, when it shall be of immediate Wechsel wird nur wirksam (außer im effect) after not less than 30 nor more than 45 Insolvenzfall, in dem eine solche Änderung days’ prior notice thereof shall have been sofort wirksam wird), sofern die Gläubiger given to the Holders in accordance with § 15. hierüber gemäß § 15 vorab unter Einhaltung -44-

einer Frist von mindestens 30 und höchstens 45 Tagen informiert wurden.

(3) Erfüllungsgehilfen der Emittentin. Die (3) Agents of the Issuer. The Paying Agent, the Zahlstelle, die Berechnungsstelle und jede Calculation Agent and any other paying agent andere nach Absatz (2) bestellte Zahlstelle appointed pursuant to paragraph (2) act handeln ausschließlich als Erfüllungsgehilfen solely as the agents of the Issuer and do not der Emittentin und übernehmen keinerlei assume any obligations towards or Verpflichtungen gegenüber den Gläubigern, relationship of agency or trust with any und es wird kein Auftrags- oder Holder. Treuhandverhältnis zwischen ihnen und den Gläubigern begründet.

§ 8 § 8 STEUERN TAXATION

(1) Zahlungen ohne Einbehalt oder Abzug von (1) Payments Free of Taxes. All amounts Steuern. Alle in Bezug auf die payable in respect of the Notes shall be made Schuldverschreibungen zu zahlenden without withholding or deduction for or on Beträge werden ohne Einbehalt oder Abzug account of any present or future taxes or von oder aufgrund von gegenwärtigen oder duties of whatever nature imposed or levied zukünftigen Steuern oder Abgaben gleich at source by way of withholding or deduction welcher Art gezahlt, die von oder im Namen by or on behalf of the Federal Republic of der Bundesrepublik Deutschland oder einer Germany or any political subdivision or any steuererhebungsberechtigten authority thereof or therein having power to Gebietskörperschaft oder Steuerbehörde tax, unless such withholding or deduction is dieses Landes im Wege des Einbehalts oder required by law. Abzugs an der Quelle auferlegt oder erhoben werden, es sei denn, ein solcher Einbehalt oder Abzug ist gesetzlich vorgeschrieben.

(2) Zahlung Zusätzlicher Beträge. Ist ein (2) Payments of Additional Amounts. If such Einbehalt oder Abzug in Bezug auf zu withholding or deduction with respect to zahlende Beträge auf die amounts payable in respect of the Notes is Schuldverschreibungen gesetzlich required by law, the Issuer will pay such vorgeschrieben, so wird die Emittentin additional amounts (the Additional diejenigen zusätzlichen Beträge (die Amounts) as shall be necessary in order that Zusätzlichen Beträge) zahlen, die the net amounts received by the Holders, after erforderlich sind, damit die den Gläubigern such withholding or deduction shall equal the zufließenden Nettobeträge nach einem respective amounts which would otherwise solchen Einbehalt oder Abzug jeweils den have been receivable in the absence of such Beträgen entsprechen, die ohne einen solchen withholding or deduction; except that no such Einbehalt oder Abzug erhalten worden Additional Amounts shall be payable on wären; eine Verpflichtung zur Zahlung account of any taxes or duties which: solcher Zusätzlichen Beträge besteht jedoch nicht für Steuern oder Abgaben:

(a) die anders als durch Einbehalt oder (a) are payable otherwise than by Abzug in Bezug auf Zahlungen, welche withholding or deduction from payments, die Emittentin an den Gläubiger leistet, made by the Issuer to the Holder; or zu entrichten sind; oder

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(b) die von einer als Depotbank oder (b) are payable by any Person acting as Inkassobeauftragte im Namen eines custodian bank or collecting agent on Gläubigers handelnden Person oder sonst behalf of a Holder, or otherwise in any auf andere Weise zu entrichten sind als manner which does not constitute a dadurch, dass die Emittentin von den von withholding or deduction by the Issuer ihr zu leistenden Zahlungen von Kapital from payments of principal or interest oder Zinsen einen Einbehalt oder Abzug made by it; or vornimmt; oder

(c) die aufgrund einer bestehenden oder (c) are payable by reason of the Holder früheren persönlichen oder having, or having had, some personal or geschäftlichen Beziehung des Gläubigers business relation to the Federal Republic zur Bundesrepublik Deutschland zu of Germany and not merely by reason of zahlen sind, und nicht allein deshalb, the fact that payments in respect of the weil Zahlungen auf die Notes are, or for purposes of taxation are Schuldverschreibungen aus Quellen in deemed to be, derived from sources in, or der Bundesrepublik Deutschland are secured in, the Federal Republic of stammen (oder für Zwecke der Germany; or Besteuerung so behandelt werden) oder dort besichert sind; oder

(d) die durch eine Zahlstelle von der Zahlung (d) are withheld or deducted by a paying einzubehalten oder abzuziehen sind, agent from a payment if the payment wenn die Zahlung von einer anderen could have been made by another paying Zahlstelle ohne einen solchen Einbehalt agent without such withholding or oder Abzug hätte vorgenommen werden deduction; or können; oder

(e) die aufgrund (i) einer Richtlinie oder (e) are withheld or deducted pursuant to Verordnung der Europäischen Union (i) any European Union Directive or betreffend die Besteuerung von Regulation concerning the taxation of Zinserträgen oder Sparguthaben oder interest income or savings, or (ii) any (ii) zwischenstaatlicher Abkommen oder international treaty or understanding Vereinbarungen über deren Besteuerung, relating to such taxation and to which the an denen die Bundesrepublik Federal Republic of Germany or the Deutschland oder die Europäische Union European Union is a party, or (iii) any beteiligt ist, oder (iii) einer gesetzlichen provision of law implementing, or Vorschrift, die der Umsetzung dieser complying with, or introduced to Richtlinie, Verordnung oder dieses conform with, such Directive, Abkommens oder dieser Vereinbarung Regulation, treaty or understanding; or dient, diesen entspricht oder zur Anpassung an diese eingeführt wurde, einzubehalten oder abzuziehen sind; oder

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(f) die nicht erhoben oder einbehalten oder (f) would not have been imposed, withheld abgezogen worden wären, wenn es der or deducted but for the failure of the Gläubiger oder der wirtschaftliche Holder or beneficial owner of Notes Eigentümer der Schuldverschreibungen (including, for these purposes, any (für die vorliegenden Zwecke financial institution through which the einschließlich Finanzinstitute, über die Holder or beneficial owner holds the der Gläubiger oder wirtschaftliche Notes or through which payment on the Eigentümer die Schuldverschreibungen Notes is made), following a written hält oder über die Zahlungen auf die request by or on behalf of the Issuer or a Schuldverschreibungen erfolgen) nicht Paying Agent addressed to the Holder or unterlassen hätte, nach einer an den beneficial owner (and made at a time that Gläubiger oder wirtschaftlichen would enable the Holder or beneficial Eigentümer gerichteten schriftlichen owner acting reasonably to comply with Aufforderung der Emittentin, einer that request, and in all events, at least 30 Zahlstelle oder in deren Namen (die so days before any withholding or deduction rechtzeitig erfolgt, dass der Gläubiger would be required), to comply with any bzw. der wirtschaftliche Eigentümer certification, identification, information dieser Aufforderung mit zumutbaren or other reporting requirement whether Anstrengungen nachkommen kann, in required by statute, treaty, regulation or jedem Fall aber mindestens 30 Tage, administrative practice of the Federal bevor ein Einbehalt oder Abzug Republic of Germany, that is a erforderlich wäre), einer aufgrund von precondition to exemption from, or Gesetzen, Abkommen, Verordnungen reduction in the rate of withholding or oder der Verwaltungspraxis in der deduction of, taxes imposed by the Bundesrepublik Deutschland Federal Republic of Germany (including, vorgeschriebenen Bescheinigungs-, without limitation, a certification that the Identifizierungs-, Informations-, oder Holder or beneficial owner is not resident sonstigen Nachweispflicht in the Federal Republic of Germany), but nachzukommen, die Voraussetzung für in each case, only to the extent the Holder eine Befreiung von in der or beneficial owner is legally entitled to Bundesrepublik Deutschland erhobenen provide such certification, information or Steuern oder für eine Reduzierung der documentation; or Höhe des Einbehalts oder Abzugs solcher Steuern ist (u. a. eine Bescheinigung, dass der Gläubiger bzw. der wirtschaftliche Eigentümer nicht in der Bundesrepublik Deutschland ansässig ist), jedoch jeweils nur, soweit der Gläubiger bzw. der wirtschaftliche Eigentümer rechtlich berechtigt ist, die Bescheinigung, Information oder Dokumentation vorzulegen; oder

(g) die abzuführen sind in Bezug auf (g) are payable with respect to payments Zahlungen, bei denen der Einbehalt oder where such withholding or deduction is Abzug vorzunehmen ist, weil der imposed because the Holder is a bank Gläubiger eine Bank ist, die die purchasing the Notes in the ordinary Schuldverschreibungen im ordentlichen course of its lending business; or Geschäftsgang ihres Kreditgeschäfts erwirbt; oder

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(h) die Grundsteuern, Erbschaftsteuern, (h) are estate, inheritance, gift, sales, excise, Schenkungsteuern, Umsatzsteuern, transfer, personal property or similar Verbrauchsteuern, Verkehrsteuern, taxes; or Vermögensteuern oder ähnliche Steuern darstellen, oder

(i) die wegen einer Rechtsänderung zu (i) are payable by reason of a change in law zahlen sind, welche später als 30 Tage that becomes effective more than 30 days nach Fälligkeit der betreffenden Zahlung after the relevant payment becomes due; wirksam wird; oder or

(j) die aufgrund jeglicher Kombination der (j) are payable due to any combination of Absätze (a) bis (h) zu entrichten sind. items (a) to (h),

Zudem werden keine Zusätzlichen Beträge nor shall any Additional Amounts be paid im Hinblick auf Zahlungen auf die Schuld- with respect to any payment on a Note to a verschreibungen an einen Gläubiger gezahlt, Holder who is a fiduciary or partnership or welcher die Zahlung als Treuhänder oder who is other than the sole beneficial owner of Personengesellschaft oder als sonstiger nicht such payment to the extent such payment alleiniger wirtschaftlicher Eigentümer der would be required by the laws of the Federal Zahlung erhält, soweit nach den Gesetzen der Republic of Germany to be included in the Bundesrepublik Deutschland eine solche income, for tax purposes, of a beneficiary or Zahlung für Steuerzwecke dem Einkommen settlor with respect to such fiduciary or a des Begünstigten bzw. Gründers eines member of such partnership or a beneficial Treuhandvermögens oder eines owner who would not have been entitled to Gesellschafters der Personengesellschaft such Additional Amounts had such zugerechnet würde, der jeweils selbst nicht beneficiary, settlor, member or beneficial zum Erhalt von Zusätzlichen Beträgen owner been the Holder of the Note. berechtigt gewesen wäre, wenn der Begünstigte, Gründer eines Treuhandvermögens, Gesellschafter oder wirtschaftliche Eigentümer selbst Gläubiger der Schuldverschreibungen wäre.

Zur Klarstellung wird festgehalten, dass die For the avoidance of doubt, the withholding in der Bundesrepublik Deutschland gemäß tax levied in the Federal Republic of dem zum Begebungstag geltenden Germany at the level of the custodian bank Steuerrecht auf der Ebene der Depotbank (or other paying institution (including the (oder sonstigen auszahlenden Stelle Paying Agent)) (Kapitalertragsteuer) plus (einschließlich der Zahlstelle)) erhobene the solidarity surcharge Kapitalertragsteuer zuzüglich des darauf (Solidaritätszuschlag) imposed thereon as anfallenden Solidaritätszuschlags sowie well as church tax (Kirchensteuer), where Kirchensteuer, soweit eine solche im Wege such tax is levied by way of withholding, des Steuerabzugs erhoben wird, keine pursuant to tax law as in effect as of the Issue Steuern oder Abgaben der vorstehend Date do not constitute a tax or duty as beschriebenen Art darstellen, für die von der described above in respect of which Emittentin Zusätzliche Beträge zu zahlen Additional Amounts would be payable by the wären. Issuer.

(3) FATCA. Ungeachtet sonstiger hierin (3) FATCA. Notwithstanding any other enthaltener Bestimmungen, darf die provisions contained herein, the Issuer shall Emittentin Beträge, die gemäß einer be permitted to withhold or deduct any beschriebenen Vereinbarung in amounts required pursuant to an agreement -48-

Section 1471(b) des U.S. Internal Revenue described in Section 1471(b) of the U.S. Code von 1986 (der Code) erforderlich sind Internal Revenue Code of 1986 (the Code) or oder die anderweitig aufgrund der otherwise imposed pursuant to Sections 1471 Sections 1471 bis 1474 des Codes (oder jeder through 1474 of the Code (or any amended or Änderung oder Nachfolgeregelung), der successor provisions), any regulations or Regelungen oder Verträge darunter, der agreements thereunder, official offiziellen Auslegungen davon oder jeglicher interpretations thereof, or any law rechtsausführender und zwischenstaatlicher implementing and intergovernmental Zusammenarbeit dazu beruhen, einbehalten approach thereto (FATCA Withholding). oder abziehen (FATCA Quellensteuer). Die The Issuer will have no obligation to pay Emittentin ist aufgrund einer durch die additional amounts or otherwise indemnify Emittentin, eine Zahlstelle oder eine andere an investor for any such FATCA Partei abgezogenen oder einbehaltenen Withholding deducted or withheld by the FATCA Quellensteuer nicht zur Zahlung Issuer, any paying agent or any other party. zusätzlicher Beträge oder anderweitig zur Entschädigung eines Investors verpflichtet.

§ 9 § 9 VORLEGUNGSFRIST, VERJÄHRUNG PRESENTATION PERIOD, PRESCRIPTION

Die Vorlegungsfrist gemäß § 801 Absatz 1 The presentation period provided for in Satz 1 BGB für die Schuldverschreibungen section 801 paragraph 1, sentence 1 German wird auf zehn Jahre verkürzt. Die Civil Code (Bürgerliches Gesetzbuch) is Verjährungsfrist für Ansprüche aus den reduced to ten years for the Notes. The period Schuldverschreibungen, die innerhalb der of limitation for claims under the Notes Vorlegungsfrist zur Zahlung vorgelegt presented during the period for presentation wurden, beträgt zwei Jahre vom Ende der will be two years calculated from the betreffenden Vorlegungsfrist an. expiration of the relevant presentation period.

§ 10 § 10 KÜNDIGUNGSGRÜNDE EVENTS OF DEFAULT

(1) Kündigungsgründe. Tritt ein (1) Events of Default. If an Event of Default Kündigungsgrund ein und dauert dieser an, occurs and is continuing, each Holder shall be so ist jeder Gläubiger berechtigt, seine entitled to declare due and payable by sämtlichen Forderungen aus den submitting a Termination Notice pursuant to Schuldverschreibungen durch Abgabe einer paragraph (2) to the Paying Agent its entire Kündigungserklärung gemäß Absatz (2) claims arising from the Notes and demand gegenüber der Zahlstelle fällig zu stellen und (subject to paragraph (4) below) immediate (vorbehaltlich des nachfolgenden redemption at the Principal Amount thereof Absatzes (4)) deren unverzügliche together with unpaid interest accrued to (but Rückzahlung zu ihrem Nennbetrag zuzüglich excluding) the date of actual redemption. bis zum Tag der tatsächlichen Rückzahlung Each of the following is an Event of Default: (ausschließlich) nicht gezahlter, aufgelaufener Zinsen zu verlangen. Jedes der folgenden Ereignisse stellt einen Kündigungsgrund dar:

(a) Die Emittentin zahlt auf die (a) The Issuer fails to pay principal, interest Schuldverschreibungen fällige Kapital- or any other amounts due under the Notes oder Zinsbeträge oder sonstige Beträge within 30 days from the relevant due date; or

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nicht innerhalb von 30 Tagen nach Fälligkeit; oder

(b) die Emittentin erfüllt eine andere (b) the Issuer fails to duly perform any other wesentliche Verpflichtung aus den material obligation arising from the Schuldverschreibungen nicht und die Notes and such failure, if capable of Nichterfüllung dauert – sofern sie geheilt remedy, continues unremedied for more werden kann – jeweils länger als 90 Tage than 90 days after the Paying Agent has fort, nachdem die Zahlstelle eine received a written request thereof in the schriftliche Aufforderung in der in manner set forth in paragraph (2) from a Absatz (2) vorgesehenen Art und Weise Holder to perform such obligation; or von einem Gläubiger erhalten hat, die Verpflichtung zu erfüllen; oder

(c) eine nicht im Rahmen der (c) any Financial Indebtedness of the Issuer Schuldverschreibungen bestehende or any Material Subsidiary (other than Finanzverbindlichkeit der Emittentin under the Notes) becomes due and oder einer Wesentlichen payable prior to its specified maturity Tochtergesellschaft wird infolge eines (whether by declaration, automatic Kündigungsgrunds (unabhängig von der acceleration or otherwise) as a result of Bezeichnung) vor ihrer festgelegten an event of default (howsoever Fälligkeit fällig und zahlbar (sei es durch described), provided that the aggregate Kündigung, automatische Fälligstellung amount of Financial Indebtedness oder auf andere Weise), wobei der amounts to at least 1 per cent. of the Total Gesamtbetrag der Assets as of the immediately preceding Finanzverbindlichkeiten mindestens 1 % Reporting Date for which Consolidated der Summe Aktiva zum unmittelbar Financial Statements of the Issuer have vorausgehendenden Berichtsstichtag, zu been published. For the avoidance of dem Konzernabschlüsse der Emittentin doubt, this paragraph (1)(c) shall not veröffentlicht worden sind, beträgt. Zur apply, where the Issuer or the relevant Klarstellung wird festgehalten, dass Material Subsidiary contests in good dieser Absatz (1)(c) keine Anwendung faith that such payment obligation exists, findet, wenn die Emittentin oder die is due or the requirements for the jeweilige Wesentliche acceleration are satisfied; or Tochtergesellschaft nach Treu und Glauben bestreitet, dass diese Zahlungsverpflichtung besteht, fällig ist oder die Anforderungen für die vorzeitige Fälligstellung erfüllt sind; oder

(d) die Emittentin gibt ihre (d) the Issuer announces its inability to meet Zahlungsunfähigkeit bekannt oder stellt its financial obligations or ceases its ihre Zahlungen generell ein; oder payments generally; or

(e) gegen die Emittentin wird ein (e) insolvency proceedings against the Issuer Insolvenzverfahren eingeleitet und nicht are instituted and have not been innerhalb von 90 Tagen aufgehoben oder discharged or stayed within 90 days, or ausgesetzt, oder die Emittentin beantragt the Issuer applies for or institutes such oder leitet ein solches Verfahren ein, oder proceedings; or

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(f) die Emittentin geht in Liquidation, es sei (f) The Issuer enters into liquidation unless denn, dies geschieht im Zusammenhang this is done in connection with a merger mit einer Verschmelzung oder einer or other form of combination with anderen Form des Zusammenschlusses another company and such company mit einer anderen Gesellschaft und die assumes all obligations of the Issuer in andere Gesellschaft übernimmt alle connection with the Notes. Verpflichtungen, die die Emittentin im Zusammenhang mit den Schuldverschreibungen eingegangen ist.

(2) Kündigungserklärungen. Eine Erklärung (2) Termination Notices. Any notice by a Holder eines Gläubigers (i) gemäß Absatz (1)(b) (i) in accordance with paragraph (1)(b) or oder (ii) zur Kündigung seiner (ii) to terminate its Notes in accordance with Schuldverschreibungen gemäß diesem § 10 this § 10 (a Termination Notice) shall be (eine Kündigungserklärung) hat in der made by means of a declaration in writing or Weise zu erfolgen, dass der Gläubiger der in text form to the Paying Agent in the Zahlstelle eine entsprechende schriftliche German or English language together with Erklärung oder Erklärung in Textform in evidence by means of a certificate of the deutscher oder englischer Sprache übergibt Holder’s Custodian (as defined in § 17(3)) oder übermittelt und dabei durch eine that such Holder, at the time of such Bescheinigung seiner Depotbank (wie in Termination Notice, is a holder of the § 17(3) definiert) nachweist, dass er die relevant Notes. betreffenden Schuldverschreibungen zum Zeitpunkt der Kündigungserklärung hält.

(3) Heilung. Zur Klarstellung wird festgehalten, (3) Cure. For the avoidance of doubt, the right to dass das Recht zur Kündigung der declare Notes due in accordance with this Schuldverschreibungen gemäß diesem § 10 § 10 shall terminate if the situation giving rise erlischt, falls der Kündigungsgrund vor to it has been cured before the right is Ausübung des Rechts geheilt worden ist; es exercised and it shall be permissible to cure ist zulässig, den Kündigungsgrund gemäß the Event of Default pursuant to Absatz (1)(c) durch Rückzahlung der paragraph (1)(c) by repaying in full the maßgeblichen Finanzverbindlichkeiten in relevant Financial Indebtedness. No event or voller Höhe zu heilen. Vorbehaltlich circumstance other than an event specified in anwendbarer zwingender Rechtsvorschriften paragraph (1) shall entitle Holders to declare berechtigen andere als die in Absatz (1) their Notes due and payable prior to their genannten Ereignisse oder Umstände die stated maturity, save as expressly provided Gläubiger nicht dazu, ihre for in these Terms and Conditions and subject Schuldverschreibungen vorzeitig zur to applicable mandatory law. Rückzahlung fällig zu stellen, es sei denn, dies ist ausdrücklich in diesen Anleihebedingungen bestimmt.

(4) Quorum. In den Fällen gemäß den (4) Quorum. In the events specified in Absätzen (1)(b) und (c) wird eine paragraph (1)(b) and (c), any notice declaring Kündigungserklärung erst wirksam, wenn bei Notes due shall become effective only when der Zahlstelle Kündigungserklärungen von the Paying Agent has received such default Gläubigern im Nennbetrag von mindestens notices from the Holders representing at least 15 % des Gesamtnennbetrages der dann 15 per cent. of the aggregate principal ausstehenden Schuldverschreibungen amount of the Notes then outstanding. eingegangen sind.

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§ 11 § 11 VERPFLICHTUNGSERKLÄRUNGEN COVENANTS

(1) Beschränkungen für das Eingehen von (1) Limitations on the Incurrence of Financial Finanzverbindlichkeiten. Die Emittentin Indebtedness. The Issuer undertakes that it verpflichtet sich, nach dem Begebungstag will not, and will procure that none of its keine Finanzverbindlichkeiten (mit Subsidiaries will, after the Issue Date, incur Ausnahme von Finanzverbindlichkeiten zur any Financial Indebtedness (except for Refinanzierung bestehender Financial Indebtedness for refinancing Finanzverbindlichkeiten mit einem existing Financial Indebtedness with an Gesamtnennbetrag, der dem aggregate principal amount that is equal to or Gesamtnennbetrag der refinanzierten less than the aggregate principal amount of Finanzverbindlichkeiten entspricht oder the refinanced Financial Indebtedness) if, diesen unterschreitet) einzugehen und immediately after giving effect to the sicherzustellen, dass ihre incurrence of such additional Financial Tochtergesellschaften nach dem Indebtedness (taking into account the Begebungstag keine Finanzverbindlichkeiten application of the net proceeds of such eingehen, wenn unmittelbar nach dem incurrence), wirksamen Eingehen solcher weiterer Finanzverbindlichkeiten (unter Berücksichtigung der Verwendung der damit erzielten Nettoerlöse):

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(a) das Verhältnis der (i) Summe (x) der (a) the ratio of (i) the sum of (x) the Konsolidierten Consolidated Net Financial Indebtedness Nettofinanzverbindlichkeiten der Gruppe of the Group as of the immediately zum unmittelbar vorangegangenen preceding Reporting Date for which Berichtsstichtag, zu dem ein Consolidated Financial Statements of the Konzernabschluss der Emittentin Issuer have been published and (y) the veröffentlicht worden ist, und (y) der Net Financial Indebtedness incurred Nettofinanzverbindlichkeiten, die seit since the immediately preceding dem unmittelbar vorangegangenen Reporting Date for which Consolidated Berichtsstichtag eingegangen wurden, zu Financial Statements of the Issuer have dem ein Konzernabschluss der been published to (ii) the sum of (without Emittentin veröffentlicht worden ist, zu duplication) (x) the Total Assets as of the der (ii) Summe (unter Ausschluss einer immediately preceding Reporting Date Doppelberücksichtigung) (x) der Summe for which Consolidated Financial Aktiva zum unmittelbar Statements of the Issuer have been vorangegangenen Berichtsstichtag, zu published, (y) the purchase prices of any dem ein Konzernabschluss der Real Estate Property (without deductions Emittentin veröffentlicht worden ist, for assumed Financial Indebtedness) (y) der Kaufpreise für acquired or contracted for acquisition Immobilienvermögen (ohne Abzüge für since the immediately preceding übernommene Finanzverbindlichkeiten), Reporting Date for which Consolidated das seit dem unmittelbar Financial Statements of the Issuer have vorangegangenen Berichtsstichtag, zu been published and (z) the proceeds of dem ein Konzernabschluss der any Financial Indebtedness incurred Emittentin veröffentlicht worden ist, since the immediately preceding erworben wurde oder für dessen Erwerb Reporting Date for which Consolidated seit diesem Zeitpunkt eine Verpflichtung Financial Statements of the Issuer have eingegangen wurde, und (z) des Erlöses been published (but only to the extent aus Finanzverbindlichkeiten, die seit dem such proceeds were not used to acquire unmittelbar vorangegangenen Real Estate Property or to reduce Berichtsstichtag eingegangen wurden, zu Financial Indebtedness) (such ratio, with dem ein Konzernabschluss der respect to any date, the Loan-to-Value Emittentin veröffentlicht worden ist Ratio as of that date) would exceed (jedoch nur soweit dieser Erlös nicht zum 60 per cent; or Erwerb von Immobilienvermögen oder zur Verringerung von Finanzverbindlichkeiten verwendet wurde) (dieses Verhältnis in Bezug auf einen beliebigen Zeitpunkt der Verschuldungsgrad (LTV) zu dem entsprechenden Zeitpunkt) 60 % überstiege; oder

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(b) das Verhältnis des (i) Gesamtbetrags des (b) the ratio of (i) the aggregate amount of Konsolidierten Bereinigten EBITDA in Consolidated Adjusted EBITDA in the den letzten vier aufeinanderfolgenden respective most recent four consecutive Quartalen, die vor dem Berichtsstichtag quarters ending prior to the Reporting geendet haben, zu dem ein Date for which Consolidated Financial Konzernabschluss der Emittentin Statements of the Issuer have been veröffentlicht worden ist, zu dem published to (ii) the aggregate amount of (ii) Gesamtbetrag des Net Cash Interest in the respective most Zahlungswirksamen Zinsergebnisses in recent four consecutive quarters ending den letzten vier aufeinanderfolgenden prior to the Reporting Date for which Quartalen, die vor dem Berichtsstichtag Consolidated Financial Statements of the geendet haben, zu dem ein Issuer have been published would be less Konzernabschluss der Emittentin than 1.80 to 1.00 (each of (i) and (ii) veröffentlicht worden ist, geringer als determined by the Issuer (in its 1,80 zu 1,00 wäre ((i) und (ii) jeweils reasonable judgment) on a pro forma durch die Emittentin (nach eigenem basis (including a pro forma application vernünftigen Ermessen) auf einer pro of the net proceeds therefrom), as if the forma Grundlage ermittelt additional Financial Indebtedness had (einschließlich einer daraus been incurred at the beginning of such resultierenden pro forma Verwendung four quarter period). der Nettoerlöse), als wären die zusätzlichen Finanzverbindlichkeiten zu Beginn dieses Vier-Quartal-Zeitraums eingegangen worden).

(2) Berichte. Solange Schuldverschreibungen (2) Reports. For so long as any Notes are ausstehen, veröffentlicht die Emittentin die outstanding, the Issuer shall post on its folgenden Angaben auf ihrer Internetseite: website,

(a) Innerhalb von 120 Tagen nach dem Ende (a) within 120 days after the end of each of des Geschäftsjahrs der Emittentin einen the Issuer’s fiscal years, annual reports Geschäftsbericht mit einem geprüften containing the audited consolidated Konzernabschluss nach den in der EU financial statements in accordance with anwendbaren International Financial IFRS as adopted by the EU and the Reporting Standards (IFRS) und einem management report in accordance with Lagebericht nach § 315 HGB; und section 315 of the German Commercial Code (Handelsgesetzbuch); and

(b) innerhalb von 60 Tagen nach dem Ende (b) within 60 days after the end of each of the jedes der ersten drei Quartale jedes first three fiscal quarters in each fiscal Geschäftsjahres der Emittentin einen year of the Issuer, unaudited condensed ungeprüften verkürzten Konzern- consolidated quarterly financial Zwischenabschluss nach den in der EU statements in accordance with IFRS as anwendbaren IFRS bzw. eine adopted by the EU or a quarterly Quartalsmitteilung entsprechend den statement in accordance with the Anforderungen der Frankfurter requirements of the Frankfurt Stock Wertpapierbörse. Exchange.

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§ 12 § 12 ERSETZUNG, SITZVERLEGUNG SUBSTITUTION, TRANSFER OF DOMICILE

(1) Ersetzung. Die Emittentin ist berechtigt, (1) Substitution. The Issuer may, without the wenn kein Zahlungsverzug hinsichtlich consent of the Holders, if no payment of Kapital oder Zinsen auf die principal of or interest on any of the Notes is Schuldverschreibungen vorliegt, jederzeit in default, at any time substitute for the Issuer ohne die Zustimmung der Gläubiger ein mit any Affiliate of the Issuer as principal debtor der Emittentin Verbundenes Unternehmen an in respect of all obligations arising from or in Stelle der Emittentin als Hauptschuldnerin connection with these Notes (the Substitute (die Nachfolgeschuldnerin) für alle Debtor) provided that: Verpflichtungen aus oder im Zusammenhang mit den Schuldverschreibungen einzusetzen, vorausgesetzt, dass:

(a) die Nachfolgeschuldnerin alle (a) the Substitute Debtor, in a manner legally Verpflichtungen der Emittentin im effective, assumes all obligations of the Zusammenhang mit den Issuer in respect of the Notes; Schuldverschreibungen rechtswirksam übernimmt;

(b) die Nachfolgeschuldnerin und die (b) the Substitute Debtor and the Issuer have Emittentin alle für die Ersetzung obtained all necessary governmental and notwendigen Genehmigungen und regulatory approvals and consents for Zustimmungen von staatlichen Stellen such substitution, that the Substitute und Aufsichtsbehörden erhalten haben, Debtor has obtained all necessary die Nachfolgeschuldnerin alle für die governmental and regulatory approvals Erfüllung ihrer Verpflichtungen aus den and consents for the performance by the Schuldverschreibungen notwendigen Substitute Debtor of its obligations under Genehmigungen und Zustimmungen von the Notes and that all such approvals and staatlichen Stellen und consents are in full force and effect and Aufsichtsbehörden erhalten hat und that the obligations assumed by the sämtliche dieser Genehmigungen und Substitute Debtor in respect of the Notes Zustimmungen in vollem Umfang gültig are valid and binding in accordance with und wirksam sind und die their respective terms and enforceable by Verpflichtungen der each Holder; Nachfolgeschuldnerin aus den Schuldverschreibungen gemäß ihren Bestimmungen wirksam und rechtsverbindlich und durch jeden Gläubiger durchsetzbar sind;

(c) die Nachfolgeschuldnerin alle für die (c) the Substitute Debtor can transfer to the Erfüllung der Zahlungsverpflichtungen Paying Agent in the currency required aus den Schuldverschreibungen and without being obligated to withhold erforderlichen Beträge in der or deduct any taxes or other duties of erforderlichen Währung an die Zahlstelle whatever nature levied by the country in überweisen kann, ohne zum Einbehalt which the Substitute Debtor or the Issuer oder Abzug von Steuern oder sonstigen has its domicile or tax residence, all Abgaben gleich welcher Art verpflichtet amounts required for the fulfilment of the zu sein, die in dem Land erhoben werden, payment obligations arising under the in dem die Nachfolgeschuldnerin oder Notes;

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die Emittentin ihren Sitz hat oder steuerlich ansässig ist;

(d) die Nachfolgeschuldnerin sich (d) the Substitute Debtor has agreed to verpflichtet hat, jeden Gläubiger indemnify and hold harmless each hinsichtlich solcher Steuern, Abgaben, Holder against any tax, duty, assessment Festsetzungen oder behördlichen Lasten or governmental charge imposed on such freizustellen, die einem Gläubiger im Holder in respect of such substitution; Zusammenhang mit der Ersetzung auferlegt werden;

(e) die Emittentin (in derartiger Eigenschaft, (e) the Issuer (in such capacity, the die Garantin) unwiderruflich und Guarantor) irrevocably and unbedingt gegenüber den Gläubigern die unconditionally guarantees (the Zahlung aller von der Guarantee) in favor of each Holder the Nachfolgeschuldnerin auf die payment of all sums payable by the Schuldverschreibungen zahlbaren Substitute Debtor in respect of the Notes Beträge zu Bedingungen garantiert (die on terms which ensure that each Holder Garantie), die sicherstellen, dass jeder will be put in an economic position that Gläubiger in der wirtschaftlichen is at least as favorable as that which Position ist, die genauso vorteilhaft ist would have existed if the substitution had wie die Position, in der die Gläubiger not taken place; and wären, wenn die Ersetzung nicht stattgefunden hätte; und

(f) die Emittentin einem zu diesem Zweck (f) the Issuer shall have delivered to an agent bestellten Beauftragten ein appointed for that purpose one legal Rechtsgutachten bezüglich jeder opinion for each jurisdiction affected of betroffenen Rechtsordnung von lawyers of recognized standing to the anerkannten Rechtsanwälten vorgelegt effect that subparagraphs (a) to (d) above hat, das bestätigt, dass die Bestimmungen have been satisfied. in den vorstehenden Unterabsätzen (a) bis (d) erfüllt worden sind.

Für die Zwecke dieses § 12 bezeichnet For purposes of this § 12, Affiliate shall mean Verbundenes Unternehmen ein verbundenes any affiliated company (verbundenes Unternehmen im Sinne von § 15 AktG. Unternehmen) within the meaning of section 15 of the German Stock Corporation Act (Aktiengesetz).

(2) Bekanntmachung. Jede Ersetzung der (2) Notice. Any substitution of the Issuer Emittentin gemäß diesem § 12 sowie das pursuant to this § 12 and the date of Datum, an dem die Ersetzung wirksam wird, effectiveness of such substitution shall be ist gemäß § 15 bekanntzugeben. published in accordance with § 15.

(3) Änderung von Bezugnahmen. Mit (3) Change of References. Upon effectiveness of Wirksamwerden der Ersetzung gilt jede the substitution any reference in these Terms Bezugnahme in diesen Anleihebedingungen and Conditions to the Issuer (other than auf die Emittentin (mit Ausnahme der references to the Issuer in § 11) shall from Bezugnahme auf die Emittentin in § 11) ab then on be deemed to refer to the Substitute dem Zeitpunkt der Ersetzung als Debtor and any reference to the Federal Bezugnahme auf die Nachfolgeschuldnerin, Republic of Germany with respect to the und jede Bezugnahme auf die Issuer shall from then on be deemed to refer

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Bundesrepublik Deutschland im Hinblick auf to the relevant taxing jurisdiction with respect die Emittentin gilt ab diesem Zeitpunkt als to the Substitute Debtor. Upon effectiveness Bezugnahme auf die im Hinblick auf die of the substitution any reference to the Issuer Nachfolgeschuldnerin maßgebliche in § 11 shall from then on be deemed to refer Steuerjurisdiktion. Mit Wirksamwerden der to the Guarantor. In addition, in § 3 and Ersetzung gilt jede Bezugnahme auf die § 10(1)(c) to (f) a reference to the Guarantor Emittentin in § 11 ab dann als Bezugnahme shall be deemed to have been included in auf die Garantin. Zudem gilt eine addition to the reference according to the first Bezugnahme auf die Garantin in § 3 und sentence of this paragraph (3) to the § 10(1)(c) bis (f) als einbezogen (zusätzlich Substitute Debtor. Furthermore, in the event zur Bezugnahme auf die of such substitution, a further event of default Nachfolgeschuldnerin gemäß dem ersten shall be deemed to be included in § 10(1); Satz dieses Absatzes (3)). Darüber hinaus gilt such event of default shall exist in the case im Falle einer solchen Ersetzung ein weiterer that the Guarantee is or becomes invalid for Kündigungsgrund in § 10(1) als vereinbart; any such reason. ein solcher Kündigungsgrund soll bestehen, falls die Garantie aus irgendeinem Grund unwirksam ist oder wird.

(4) Weitere Ersetzungen. Die (4) Further Substitution. At any time after a Nachfolgeschuldnerin ist jederzeit nach einer substitution pursuant to paragraph (1) above, Ersetzung gemäß vorstehendem Absatz (1) the Substitute Debtor may, without the berechtigt, ohne die Zustimmung der consent of the Holders, effect a further Gläubiger eine weitere Ersetzung substitution provided that all the provisions vorzunehmen, vorausgesetzt, dass alle specified in paragraphs (1) to (3) above shall Bestimmungen der vorstehenden Absätze (1) apply, mutatis mutandis, and, without bis (3) sinngemäß Anwendung finden und, limitation, references in these Terms and ohne hierauf beschränkt zu sein, Conditions to the Issuer shall, where the Bezugnahmen in diesen Anleihebedingungen context so requires, be deemed to be or auf die Emittentin, sofern der include references to any such further Zusammenhang dies verlangt, (auch) als Substitute Debtor, provided that in no event Bezugnahmen auf jede weitere shall any substitution under this § 12 have the Nachfolgeschuldnerin gelten, wobei die effect of releasing the Issuer from any of its Ersetzung gemäß diesem § 12 in keinem Fall obligations under its Guarantee. die Wirkung einer Befreiung der Emittentin von irgendwelchen Verpflichtungen aus ihrer Garantie hat.

(5) Sitzverlegung. Eine Verlegung des Sitzes der (5) Transfer of Domicile. A transfer of domicile Emittentin in ein anderes Land oder Gebiet ist of the Issuer to another country or territory is nur zulässig, wenn die vorstehend in den only permissible if the requirements set forth Absätzen (1) und (2) genannten in paragraphs (1) and (2) above are complied Voraussetzungen entsprechend erfüllt sind. with accordingly. Paragraph (3) second half- Absatz (3) zweiter Halbsatz des ersten Satzes sentence of the first sentence shall apply findet entsprechende Anwendung. mutatis mutandis.

§ 13 § 13 BEGEBUNG WEITERER FURTHER ISSUES, PURCHASES SCHULDVERSCHREIBUNGEN, ANKAUF UND AND CANCELLATION ENTWERTUNG

(1) Begebung weiterer Schuldverschreibungen. (1) Further Issues. Subject to § 11, the Issuer Die Emittentin ist, vorbehaltlich der may from time to time, without the consent of -57-

Bestimmungen des § 11, berechtigt, jederzeit the Holders, issue further Notes having the ohne Zustimmung der Gläubiger weitere same terms and conditions as the Notes in all Schuldverschreibungen mit in jeder Hinsicht respects (or in all respects except for the gleicher Ausstattung (gegebenenfalls mit relevant issue date, interest commencement Ausnahme des jeweiligen Begebungstags, date, first interest payment date and/or issue des Verzinsungsbeginns, der ersten price) so as to form a single series with the Zinszahlung und/oder des Ausgabepreises) in Notes. der Weise zu begeben, dass sie mit diesen Schuldverschreibungen eine einheitliche Serie bilden.

(2) Ankauf. Die Emittentin ist berechtigt, (2) Purchases. The Issuer may at any time jederzeit Schuldverschreibungen im Markt purchase Notes in the open market or oder anderweitig zu jedem beliebigen Preis otherwise and at any price. Notes purchased zu kaufen. Die von der Emittentin by the Issuer may, at the option of the Issuer, erworbenen Schuldverschreibungen können be held, resold or surrendered to the Paying nach Wahl der Emittentin von ihr gehalten, Agent for cancellation. weiterverkauft oder bei der Zahlstelle zwecks Entwertung eingereicht werden.

(3) Entwertung. Sämtliche vollständig (3) Cancellation. All Notes redeemed in full zurückgezahlten Schuldverschreibungen sind shall be cancelled forthwith and may not be unverzüglich zu entwerten und können nicht reissued or resold. wiederbegeben oder wiederverkauft werden.

§ 14 § 14 ÄNDERUNG DER ANLEIHEBEDINGUNGEN AMENDMENTS OF THE TERMS AND DURCH BESCHLÜSSE DER GLÄUBIGER, CONDITIONS BY RESOLUTIONS OF HOLDERS, GEMEINSAMER VERTRETER JOINT REPRESENTATIVE

(1) Änderung der Anleihebedingungen. Die (1) Amendment of the Terms and Conditions. Emittentin kann mit den Gläubigern The Issuer may agree with the Holders on Änderungen der Anleihebedingungen durch amendments to the Terms and Conditions by Mehrheitsbeschluss der Gläubiger nach virtue of a majority resolution of the Holders Maßgabe der §§ 5 ff. des Gesetzes über pursuant to sections 5 et seqq. of the German Schuldverschreibungen aus Act on Issues of Debt Securities (Gesetz über Gesamtemissionen (SchVG) in seiner jeweils Schuldverschreibungen aus Gesamt- geltenden Fassung beschließen. Die emissionen – SchVG), as amended from time Gläubiger können insbesondere einer to time. In particular, the Holders may Änderung wesentlicher Inhalte der Anleihe- consent to amendments which materially bedingungen, einschließlich der in § 5 Abs. 3 change the substance of the Terms and SchVG vorgesehenen Maßnahmen, durch Conditions, including such measures as Beschlüsse mit den in dem nachstehenden provided for under section 5 paragraph 3 of Absatz (2) genannten Mehrheiten the SchVG by resolutions passed by such zustimmen. Ein ordnungsgemäß gefasster majority of the votes of the Holders as stated Mehrheitsbeschluss ist für alle Gläubiger under paragraph (2) below. A duly passed gleichermaßen verbindlich. majority resolution shall be binding equally upon all Holders.

(2) Mehrheit. Vorbehaltlich des nachstehenden (2) Majority. Except as provided by the Satzes und der Erreichung der erforderlichen following sentence and provided that the Beschlussfähigkeit, beschließen die quorum requirements are being met, the Gläubiger mit der einfachen Mehrheit der an Holders may pass resolutions by simple -58-

der Abstimmung teilnehmenden majority of the voting rights participating in Stimmrechte. Beschlüsse, durch welche der the vote. Resolutions which materially wesentliche Inhalt der Anleihebedingungen change the substance of the Terms and geändert wird, insbesondere in den Fällen des Conditions, in particular in the cases of § 5 Abs. 3 Nr. 1 bis 9 SchVG, bedürfen zu section 5 paragraph 3 numbers 1 through 9 of ihrer Wirksamkeit einer Mehrheit von the SchVG, may only be passed by a majority mindestens 75 % der an der Abstimmung of at least 75 per cent. of the voting rights teilnehmenden Stimmrechte (eine participating in the vote (a Qualified Qualifizierte Mehrheit). Majority).

(3) Abstimmung ohne Versammlung. (3) Vote without a meeting. Subject to Vorbehaltlich Absatz (4) sollen Beschlüsse paragraph (4), resolutions of the Holders der Gläubiger ausschließlich durch eine shall exclusively be made by means of a vote Abstimmung ohne Versammlung nach § 18 without a meeting (Abstimmung ohne SchVG gefasst werden. Die Aufforderung Versammlung) in accordance with section 18 zur Stimmabgabe enthält nähere Angaben zu of the SchVG. The request for voting will den Beschlüssen und den provide for further details relating to the Abstimmungsmodalitäten. Die Gegenstände resolutions and the voting procedure. The und Vorschläge zur Beschlussfassung subject matter of the vote as well as the werden den Gläubigern mit der Aufforderung proposed resolutions shall be notified to the zur Stimmabgabe bekannt gemacht. Die Holders together with the request for voting. Ausübung der Stimmrechte ist von einer The exercise of voting rights is subject to the Anmeldung der Gläubiger abhängig. Die Holders’ registration. The registration must Anmeldung muss unter der in der be received at the address stated in the request Aufforderung zur Stimmabgabe mitgeteilten for voting no later than the third day Adresse spätestens am dritten Tag vor Beginn preceding the beginning of the voting period. des Abstimmungszeitraums zugehen. Mit der As part of the registration, Holders must Anmeldung müssen die Gläubiger ihre demonstrate their eligibility to participate in Berechtigung zur Teilnahme an der the vote by means of a special confirmation Abstimmung durch einen in Textform of the Custodian in accordance with erstellten besonderen Nachweis der § 17(3)(i)(a) and (b) hereof in text form and Depotbank gemäß § 17(3)(i)(a) und (b) und by submission of a blocking instruction by durch Vorlage eines Sperrvermerks der the Custodian stating that the relevant Notes Depotbank, aus dem hervorgeht, dass die are not transferable from (and including) the betreffenden Schuldverschreibungen ab dem day such registration has been sent to (and Tag der Absendung der Anmeldung including) the day the voting period ends. (einschließlich) bis zum Tag, an dem der Abstimmungszeitraum endet (einschließlich), nicht übertragbar sind, nachweisen.

(4) Zweite Gläubigerversammlung. Wird für die (4) Second Noteholders’ Meeting. If it is Abstimmung ohne Versammlung gemäß ascertained that no quorum exists for the vote Absatz (3) die mangelnde Beschlussfähigkeit without meeting pursuant to paragraph (3), festgestellt, kann der Abstimmungsleiter eine the scrutineer (Abstimmungsleiter) may Gläubigerversammlung einberufen, die als convene a noteholders’ meeting, which shall zweite Versammlung im Sinne des § 15 be deemed to be a second noteholders’ Abs. 3 Satz 3 SchVG anzusehen ist. Die meeting within the meaning of section 15 Teilnahme an der zweiten paragraph 3 sentence 3 of the SchVG. Gläubigerversammlung und die Ausübung Attendance at the second noteholders’ der Stimmrechte sind von einer Anmeldung meeting and exercise of voting rights is der Gläubiger abhängig. Die Anmeldung subject to the Holders’ registration. The muss unter der in der Bekanntmachung der registration must be received at the address

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Einberufung mitgeteilten Adresse spätestens stated in the convening notice no later than am dritten Tag vor der zweiten the third day preceding the second Gläubigerversammlung zugehen. Mit der noteholders’ meeting. As part of the Anmeldung müssen die Gläubiger ihre registration, Holders must demonstrate their Berechtigung zur Teilnahme an der eligibility to participate in the vote by means Abstimmung durch einen in Textform of a special confirmation of the Custodian in erstellten besonderen Nachweis der accordance with § 17(3)(i)(a) and (b) hereof Depotbank gemäß § 17(3)(i)(a) und (b) und in text form and by submission of a blocking durch Vorlage eines Sperrvermerks der instruction by the Custodian stating that the Depotbank, aus dem hervorgeht, dass die relevant Notes are not transferable from (and betreffenden Schuldverschreibungen ab dem including) the day such registration has been Tag der Absendung der Anmeldung sent to (and including) the stated end of the (einschließlich) bis zum angegebenen Ende noteholders’ meeting. der Gläubigerversammlung (einschließlich) nicht übertragbar sind, nachweisen.

(5) Gemeinsamer Vertreter. Die Gläubiger (5) Holders’ Representative. The Holders may können durch Mehrheitsbeschluss die by majority resolution provide for the Bestellung oder Abberufung eines appointment or dismissal of a joint gemeinsamen Vertreters (der Gemeinsame representative (the Holders’ Representative), Vertreter), die Aufgaben und Befugnisse des the duties and responsibilities and the powers Gemeinsamen Vertreters, die Übertragung of such Holders’ Representative, the transfer von Rechten der Gläubiger auf den of the rights of the Holders to the Holders’ Gemeinsamen Vertreter und eine Representative and a limitation of liability of Beschränkung der Haftung des the Holders’ Representative. Appointment of Gemeinsamen Vertreters bestimmen. Die a Holders’ Representative may only be Bestellung eines Gemeinsamen Vertreters passed by a Qualified Majority if such bedarf einer Qualifizierten Mehrheit, wenn er Holders’ Representative is to be authorized to ermächtigt werden soll, Änderungen des consent, in accordance with paragraph (2) wesentlichen Inhalts der hereof, to a material change in the substance Anleihebedingungen gemäß Absatz (2) of the Terms and Conditions. zuzustimmen. a. Veröffentlichung. Bekanntmachungen betreffend (6) Publication. Any notices concerning this diesen § 14 erfolgen ausschließlich gemäß den § 14 shall be made exclusively pursuant to Bestimmungen des SchVG. the provisions of the SchVG.

§ 15 § 15 MITTEILUNGEN NOTICES

(1) Mitteilungen. Alle die (1) Notices. Except as stipulated in § 14(6), all Schuldverschreibungen betreffenden notices concerning the Notes shall be Mitteilungen werden im Bundesanzeiger published in the Federal Gazette veröffentlicht, wenn nicht in § 14(6) anders (Bundesanzeiger) and, if legally required, in vorgesehen, sowie, falls gesetzlich the form of media determined by law in vorgeschrieben, in den gesetzlich addition thereto. Any notice so given will be vorgesehenen zusätzlichen Medien. Jede deemed to have been validly given to the derartige Mitteilung gilt am dritten Holders on the third calendar day following Kalendertag nach dem Tag der the date of such publication (or, if published Veröffentlichung (oder bei mehrfacher more than once, on the third calendar day Veröffentlichung am dritten Kalendertag following the date of the first such nach dem Tag der ersten solchen publication).

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Veröffentlichung) als wirksam gegenüber den Gläubigern erfolgt.

(2) Mitteilungen an das Clearingsystem. Wenn (2) Notification to the Clearing System. If the eine Veröffentlichung von Mitteilungen nach publication of notices pursuant to dem vorstehenden Absatz (1) nicht weiterhin paragraph (1) above is no longer required by rechtlich oder nach den Regeln der law or the rules of the stock exchange on Wertpapierbörse, an denen die which the Notes are listed, the Issuer may Schuldverschreibungen notiert sind, deliver the relevant notice to the Clearing erforderlich ist, kann die Emittentin die System, for communication by the Clearing betreffende Mitteilung an das Clearingsystem System to the Holders. Any such notice shall zur Weiterleitung an die Gläubiger be deemed to have been validly given to the übermitteln. Jede derartige Mitteilung gilt am Holders on the fifth calendar day following fünften Kalendertag nach dem Tag der the day on which the said notice was given to Mitteilung an das Clearingsystem als the Clearing System. wirksam gegenüber den Gläubigern erfolgt.

(3) Mitteilungen an die Emittentin. Mitteilungen (3) Notification to the Issuer. Notices to be given eines Gläubigers an die Emittentin haben in by any Holder to the Issuer shall be made by der Weise zu erfolgen, dass der Gläubiger der means of a declaration in writing or in text Zahlstelle eine entsprechende schriftliche form to be delivered by hand or mail to the Erklärung oder Erklärung in Textform Paying Agent. Such notice may be given by übergibt oder übermittelt. Eine derartige any Holder to the Paying Agent through the Mitteilung kann von jedem Gläubiger Clearing System in such manner as the gegenüber der Zahlstelle durch das Paying Agent and the Clearing System may Clearingsystem in der von der Zahlstelle und approve for such purpose. dem Clearingsystem dafür vorgesehenen Weise erfolgen.

§ 16 § 16 DEFINITIONEN DEFINITIONS

Abgezinster Marktpreis (Make-Whole Amount) Make-Whole Amount has the meaning assigned hat die diesem Begriff in § 6(4) zugewiesene to such term in § 6(4). Bedeutung.

Ausübungszeitraum hat die diesem Begriff in Put Period has the meaning assigned to such term § 6(5)(c) zugewiesene Bedeutung. in § 6(5)(c).

Begebungstag hat die diesem Begriff in § 1(1) Issue Date has the meaning assigned to such term zugewiesene Bedeutung. in § 1(1).

Benchmark-Rendite hat die diesem Begriff in Benchmark Yield has the meaning assigned to § 6(4) zugewiesene Bedeutung. such term in § 6(4).

Berechnungsstelle hat die diesem Begriff in Calculation Agent has the meaning assigned to § 7(1) zugewiesene Bedeutung. such term in § 7(1).

Berichtsstichtag ist der 31. März, 30. Juni, Reporting Date means 31 March, 30 June, 30. September und 31. Dezember eines jeden 30 September and 31 December of each year. Jahres.

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Bildschirmseite hat die diesem Begriff in § 6(4) Screen Page has the meaning assigned to such zugewiesene Bedeutung. term in § 6(4).

Clearingsystem hat die diesem Begriff in § 1(3) Clearing System has the meaning assigned to zugewiesene Bedeutung. such term in § 1(3).

Code hat die diesem Begriff in § 8(3) Code has the meaning assigned to such term in zugewiesene Bedeutung. § 8(3).

Depotbank hat die diesem Begriff in § 17(3) Custodian has the meaning assigned to such term zugewiesene Bedeutung. in § 17(3).

Eingehen bezeichnet in Bezug auf eine Incur means, with respect to any Financial Finanzverbindlichkeit oder eine sonstige Indebtedness or other obligation of any Person, to Verbindlichkeit einer Person die Begründung, die create, assume, guarantee or otherwise become Übernahme, Abgabe einer Garantie oder liable in respect of such Financial Indebtedness or Bürgschaft dafür oder eine anderweitige other obligation, and incurrence and incurred Übernahme der Haftung für diese have the meanings correlative to the foregoing Finanzverbindlichkeit oder sonstige whereby Financial Indebtedness shall only be Verbindlichkeit; das Eingehen bzw. incurred at the time any funds are disbursed and eingegangen sind entsprechend auszulegen, amounts drawn and deposited into an escrow wobei Finanzverbindlichkeiten erst zu der Zeit account shall not be deemed incurred until such eingegangen sind, wenn sie ausgezahlt werden, preceeds are withdrawn from such escrow und auf Treuhandkonten eingezahlte Beträge erst account. dann als eingegangen gelten, wenn die Erlöse von dem Treuhandkonto freigegeben werden.

Emittentin hat die diesem Begriff in § 1(1) Issuer has the meaning assigned to such term in zugewiesene Bedeutung. § 1(1).

Fälligkeitstag hat die diesem Begriff in § 6(1) Maturity Date has the meaning assigned to such zugewiesene Bedeutung. term in § 6(1).

FATCA Quellensteuer hat die diesem Begriff in FATCA Witholding has the meaning assigned to § 8(3) zugewiesene Bedeutung. such term in § 8(3).

Festgelegte Stückelung hat die diesem Begriff in Specified Denomination has the meaning § 1(1) zugewiesene Bedeutung. assigned to such term in § 1(1).

Finanzverbindlichkeiten bezeichnet (unter Financial Indebtedness means (without Ausschluss einer Doppelberücksichtigung) alle duplication) any indebtedness (excluding any Verbindlichkeiten (ausgenommen solche indebtedness owed to another member of the gegenüber anderen Mitgliedern der Gruppe) aus: Group) for or in respect of:

(i) aufgenommenen Geldern; (i) money borrowed;

(ii) allen im Rahmen von Akzeptkrediten oder (ii) any amounts raised by acceptance under any eines dematerialisierten Äquivalents acceptance credit facility or a dematerialized aufgenommenen Beträgen; equivalent;

(iii) allen im Rahmen von Fazilitäten zum Kauf (iii) any amounts raised pursuant to any note kurzfristiger Schuldtitel oder aus der purchase facility or the issue of bonds, notes, Begebung von Anleihen, commercial papers or any similar instrument;

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Schuldverschreibungen, Commercial Paper oder vergleichbaren Instrumenten aufgenommenen Beträgen;

(iv) veräußerten oder diskontierten Forderungen (iv) receivables sold or discounted (other than (außer bei einem Forderungsverkauf ohne any receivables to the extend they are sold on Rückgriffsrecht); a non-recourse basis);

(v) der Aufnahme von Beträgen im Rahmen (v) any amounts raised under any other anderer Rechtsgeschäfte (einschließlich transaction (including any forward sale or Termingeschäften), die die wirtschaftliche purchase agreement) having the commercial Wirkung einer Kreditaufnahme haben, effect of a borrowing, but excluding bank ausgenommen jedoch Bankgarantie- guarantee facilities made or to be made Fazilitäten, die der Emittentin oder einer available by financial institutions to the Tochtergesellschaft von Finanzinstituten Issuer or a Subsidiary under which the Issuer gewährt werden oder gewährt werden sollen or the respective Subsidiary may request the und in deren Rahmen die Emittentin bzw. die issue of a bank guarantee or bank guarantees jeweilige Tochtergesellschaft die in favor of a person who agrees to purchase a Ausstellung einer oder mehrerer Real Estate Property owned by the Issuer or Bankgarantien zugunsten einer Person a Subsidiary; verlangen kann, die sich zum Erwerb von Immobilienvermögen von der Emittentin oder einer Tochtergesellschaft verpflichtet hat;

(vi) einer Gegenverpflichtung zur Freistellung in (vi) any counter-indemnity obligation in respect Bezug auf eine Bürgschaft, eine of a guarantee, indemnity, bond, standby or Freistellungsverpflichtung, eine Garantie, ein documentary letter of credit or any other Garantie- oder Dokumentenakkreditiv oder instrument issued by a bank or financial ein anderes von einer Bank oder einem institution; and Finanzinstitut ausgestelltes Instrument; und

(vii) Verbindlichkeiten aus einer Garantie, (vii) the amount of any liability in respect of any Bürgschaft oder Freistellungsverpflichtung guarantee or indemnity for any of the items in Bezug auf Verbindlichkeiten der in den referred to in paragraphs (i) to (vi) above, vorstehenden Absätzen (i) bis (vi) genannten Art,

jeweils nur falls und soweit der jeweilige Betrag in each such case only if and to the extent the oder die jeweilige Verpflichtung nach IFRS als relevant amount or obligation is recorded as „Verbindlichkeit“ erfasst wird. “indebtedness” in accordance with IFRS.

Garantie hat die diesem Begriff in § 12(1)(e) Guarantee has the meaning assigned to such term zugewiesene Bedeutung. in § 12(1)(e).

Garantin hat die diesem Begriff in § 12(1)(e) Guarantor has the meaning assigned to such term zugewiesene Bedeutung. in § 12(1)(e).

Gemeinsamer Vertreter hat die diesem Begriff in Holders’ Representative has the meaning § 14(5) zugewiesene Bedeutung. assigned to such term in § 14(5).

Geschäftstag hat die diesem Begriff in § 5(4) Business Day has the meaning assigned to such zugewiesene Bedeutung. term in § 5(4).

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Gläubiger hat die diesem Begriff in § 1(5) Holder has the meaning assigned to such term in zugewiesene Bedeutung. § 1(5).

Gläubiger-Ausübungserklärung hat die diesem Put Notice has the meaning assigned to such term Begriff in § 6(5)(c) zugewiesene Bedeutung. in § 6(5)(c).

Gläubiger-Rückzahlungswahlrecht hat die Put Option has the meaning assigned to such term diesem Begriff in § 6(5)(a) zugewiesene in § 6(5)(a). Bedeutung.

Gläubigerwahl-Rückzahlungsereignis-Mittei- Put Event Notice has the meaning assigned to lung hat die diesem Begriff in § 6(5)(b) such term in § 6(5)(b). zugewiesene Bedeutung.

Globalurkunde hat die diesem Begriff in § 1(2) Global Note has the meaning assigned to such zugewiesene Bedeutung. term in § 1(2).

Gruppe bezeichnet die Emittentin und ihre Group means the Issuer together with its Tochtergesellschaften. Subsidiaries.

IFRS bezeichnet die International Financial IFRS means the International Financial Reporting Standards des International Reporting Standards as published by the Accounting Standard Board in jeweils geltender International Accounting Standards Board, as in Fassung. effect from time to time.

Immobilienvermögen bezeichnet (unter Real Estate Property means (without Ausschluss einer Doppelberücksichtigung) das duplication) the real estate property of the Issuer im Konzernabschluss der Emittentin in den and the Subsidiaries that is recognized as of the Bilanzpositionen „als Finanzinvestition immediately preceding Reporting Date for which gehaltetene Immobilien“, „Sachanlagen“ oder Consolidated Financial Statements of the Issuer „zum Verkauf bestimmte Grundstücke und have been published, or is required to be Gebäude“ zum unmittelbar vorausgehendenden recognized in accordance with IFRS since the Berichtsstichtag, zu dem Konzernabschlüsse der immediately preceding Reporting Date for which Emittentin veröffentlicht worden sind, angesetzte Consolidated Financial Statements of the issuer oder nach IFRS seit dem unmittelbar have been published, in the balance sheet items vorangegangenen Berichtsstichtag, zu dem ein “investment properties”, “property, plant and Konzernabschluss der Emittentin veröffentlicht equipment” or “land and buildings held for sale” worden ist, anzusetzende Immobilienvermögen of the Consolidated Financial Statements of the der Emittentin und der Tochtergesellschaften. Issuer.

Kapitalmarktverbindlichkeit bezeichnet jede Capital Market Indebtedness means any present gegenwärtige oder künftige Verpflichtung zur or future obligation for the payment of borrowed Rückzahlung aufgenommener Geldbeträge money (including obligations by reason of any (einschließlich Verbindlichkeiten aus Garantien guarantee or other liability agreement for such oder sonstigen Haftungsvereinbarungen für obligations of third parties) which is in the form solche Verbindlichkeiten Dritter), die verbrieft ist of, or represented by, bonds, notes or other in Form von Anleihen, Schuldverschreibungen securities which are capable of being quoted, oder sonstigen Wertpapieren, die an einer Börse, listed, dealt in or traded on a stock exchange, einem außerbörslichen Markt oder an einem over-the-counter-market or other recognized anderen anerkannten Wertpapiermarkt notiert, securities market or Schuldschein loans (except zugelassen oder gehandelt werden können, bzw. for Schuldschein loans secured, inter alia, by von Schuldscheindarlehen (mit Ausnahme von collateral over real estate).

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Schuldscheindarlehen, die u.a. mit Sicherheiten an Immobilien besichert sind).

Konsolidierte Nettofinanzverbindlichkeiten Consolidated Net Financial Indebtedness means bezeichnet die nach IFRS ermittelten the net financial indebtedness of the Issuer and Nettofinanzverbindlichkeiten der Emittentin und any of its Subsidiaries, on a consolidated basis ihrer Tochtergesellschaften auf konsolidierter determined in accordance with IFRS as shown as Basis wie im Konzernabschluss der Emittentin “net financial liabilities” in the Consolidated als „Nettofinanzverbindlichkeiten“ ausgewiesen. Financial Statements of the Issuer.

Konsolidiertes Bereinigtes EBITDA bezeichnet Consolidated Adjusted EBITDA means the den unter der Überschrift „EBITDA (bereinigt)“ number set out under the heading “EBITDA im Konzernabschluss der Emittentin angegebene (adjusted)” in the Consolidated Financial Zahlenwert oder, sofern der Konzernabschluss Statements of the Issuer or, if the Consolidated der Emittentin keinen Wert „EBITDA Financial Statements of the Issuer do not contain (bereinigt)“ enthält, den unter der Überschrift an item “EBITDA (adjusted)”, the number set out „EBIT“ angegebenen Zahlenwert bereinigt um in the item “EBIT” adjusted for gains/losses from Gewinne/Verluste aus der Fair-Value-Anpassung the fair value adjustments of investment der als Finanzinvestitionen gehaltenen properties, depreciation and amortization and Immobilien, Abschreibungen sowie einmaligen non-recurring or exceptional items (in each case bzw. außergewöhnlichen Positionen (jeweils subject to the determination specified in these vorbehaltlich der Bestimmungen in diesen Terms and Conditions). Anleihebedingungen).

Kontrollwechsel hat die diesem Begriff in Change of Control has the meaning assigned to § 6(5)(a) zugewiesene Bedeutung. such term in § 6(5)(a).

Konzernabschluss bezeichnet in Bezug auf eine Consolidated Financial Statements means, with Person den nach IFRS erstellten respect to any Person, the consolidated financial Konzernabschluss mit Anhang für diese Person statements and notes to those financial statements und ihre Tochterunternehmen sowie of that Person and its subsidiaries prepared in Konzernzwischenabschlüsse und accordance with IFRS as well as interim Quartalsmitteilungen (zum relevanten consolidated financial statements and quarterly Zeitpunkt). statements (as of the relevant date).

Kündigungserklärung hat die diesem Begriff in Termination Notice has the meaning assigned to § 10(2) zugewiesene Bedeutung. such term in § 10(2).

Kündigungsgrund hat die diesem Begriff in Event of Default has the meaning assigned to § 10(1) zugewiesene Bedeutung. such term in § 10(1).

Nachfolgeschuldnerin hat die diesem Begriff in Substitute Debtor has the meaning assigned to § 12(1) zugewiesene Bedeutung. such term in § 12(1).

Nennbetrag hat die diesem Begriff in § 1(1) Principal Amount has the meaning assigned to zugewiesene Bedeutung. such term in § 1(1).

Nettofinanzverbindlichkeiten bezeichnet den Net Financial Indebtedness means the nominal Nennbetrag der eingegangenen amount of Financial Indebtedness incurred minus Finanzverbindlichkeiten abzüglich des the nominal amount of Financial Indebtedness Nennbetrags der zurückgezahlten repaid. Finanzverbindlichkeiten.

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Person bezeichnet natürliche Personen, Person means any individual, corporation, Körperschaften, Personengesellschaften, Joint partnership, joint venture, association, joint stock Ventures, Vereinigungen, Aktiengesellschaften, company, trust, unincorporated organization, Trusts, nicht rechtsfähige Vereinigungen, limited liability company or government (or any Gesellschaften mit beschränkter Haftung, agency or political subdivision thereof) or any staatliche Stellen (oder Behörden oder other entity. Gebietskörperschaften) oder sonstige Rechtsträger.

Qualifizierte Mehrheit hat die diesem Begriff in Qualified Majority has the meaning assigned to § 14(2) zugewiesene Bedeutung. such term in § 14(2).

Referenzanleihe hat die diesem Begriff in § 6(4) Benchmark Security has the meaning assigned to zugewiesene Bedeutung. such term in § 6(4).

Relevante Person(en) hat die diesem Begriff in Relevant Person(s) has the meaning assigned to § 6(5)(a) zugewiesene Bedeutung. such term in § 6(5)(a).

Rückzahlungs-Berechnungstag hat die diesem Redemption Calculation Date has the meaning Begriff in § 6(4) zugewiesene Bedeutung. assigned to such term in § 6(4).

Rückzahlungsbetrag hat die diesem Begriff in Final Redemption Amount has the meaning § 6(1) zugewiesene Bedeutung. assigned to such term in § 6(1).

Schuldverschreibungen hat die diesem Begriff in Notes has the meaning assigned to such term in § 1(1) zugewiesene Bedeutung. § 1(1).

SchVG hat die diesem Begriff in § 14(1) SchVG has the meaning assigned to such term in zugewiesene Bedeutung. § 14(1).

Summe Aktiva bezeichnet den Wert der Total Assets means the value of the consolidated konsolidierten Bilanzsumme der Emittentin und total assets of the Issuer and the Subsidiaries, as der Tochtergesellschaften, der in einer nach IFRS such amount appears, or would appear, on a erstellten konsolidierten Bilanz der Emittentin consolidated balance sheet of the Issuer prepared erscheint oder erschienen würde, wobei die in accordance with IFRS, provided that “Total „Summe Aktiva“ die Zuflüsse aus den Assets” shall include the proceeds of the Financial einzugehenden Finanzverbindlichkeiten Indebtedness to be incurred. einschließt.

Tochtergesellschaft bezeichnet jede Person, die Subsidiary means any Person that must be bei der Erstellung der Konzernabschlüsse der consolidated with the Issuer for the purposes of Emittentin mit ihr konsolidiert werden muss. preparing Consolidated Financial Statements of the Issuer.

Verbriefte Kapitalmarktverbindlichkeit Securitized Capital Market Indebtedness means bezeichnet jede Kapitalmarktverbindlichkeit aus any Capital Market Indebtedness incurred in oder im Zusammenhang mit einer Verbriefung respect of or in connection with any securitization oder vergleichbaren Finanzierungsvereinbarung or similar financing arrangement relating to in Bezug auf Vermögenswerte der Emittentin assets owned by the Issuer or its Subsidiaries and oder ihrer Tochtergesellschaften, bei der die where the recourse of the holders of such Capital Rückgriffsrechte der Gläubiger der betreffenden Market Indebtedness against the Issuer is limited Kapitalmarktverbindlichkeit auf die Emittentin solely to such assets or any income generated ausschließlich auf die betreffenden therefrom. -66-

Vermögenswerte oder die daraus erzielten Erträge beschränkt sind.

Verbundenes Unternehmen hat die diesem Affiliate has the meaning assigned to such term Begriff in § 12(1) zugewiesene Bedeutung. in § 12(1).

Verschuldungsgrad (LTV) hat die diesem Loan-to-Value Ratio has the meaning assigned to Begriff in § 11(1)(a) zugewiesene Bedeutung. such term in § 11(1)(a).

Verzinsungsbeginn hat die diesem Begriff in Interest Commencement Date has the meaning § 4(1) zugewiesene Bedeutung. assigned to such term in § 4(1).

Wahl-Rückzahlungsbetrag (Call) hat die diesem Call Redemption Amount has the meaning Begriff in § 6(4) zugewiesene Bedeutung. assigned to such term in § 6(4).

Wahl-Rückzahlungstag (Call) hat die diesem Call Redemption Date has the meaning assigned Begriff in § 6(4) zugewiesene Bedeutung. to such term in § 6(4).

Wahl-Rückzahlungsbetrag (Put) hat die diesem Put Redemption Amount has the meaning Begriff in § 6(5)(a) zugewiesene Bedeutung. assigned to such term in § 6(5)(a).

Wahl-Rückzahlungstag (Put) hat die diesem Put Date has the meaning assigned to such term Begriff in § 6(5)(c) zugewiesene Bedeutung. in § 6(5)(c).

Wesentliche Tochtergesellschaft bezeichnet eine Material Subsidiary means any Subsidiary of the Tochtergesellschaft der Emittentin, deren Issuer whose total assets are at least equal to 2 per Bilanzsumme mindestens 2 % der Summe Aktiva cent. of the Total Assets. ausmacht.

Zahlstelle hat die diesem Begriff in § 7(1) Paying Agent has the meaning assigned to such zugewiesene Bedeutung. term in § 7(1).

Zahlungswirksames Zinsergebnis bezeichnet Net Cash Interest means all cash interest and alle an Personen, die nicht Mitglied der Gruppe other financing charges accrued to persons who sind, aufgelaufenen, bar zu zahlenden Zinsen und are not members of the Group less the amount of sonstigen Finanzierungskosten abzüglich des any interest and other financing charges accrued Betrags aller durch Mitglieder der Gruppe von to be received by members of the Group from Personen, die nicht Mitglied der Gruppe sind, zu persons who are not members of the Group, in erhaltenden und aufgelaufenen Zinsen und each case, excluding any one-off financing sonstigen Finanzierungskosten, jeweils charges (including without limitation, any one- ausgenommen einmalige Finanzierungskosten off fees and/or break costs). (u. a. einmalige Entgelte und/oder Vorfälligkeitsentschädigungen).

Zinsperiode hat die diesem Begriff in § 4(3) Interest Period has the meaning assigned to such zugewiesene Bedeutung. term in § 4(3).

Zinszahlungstag hat die diesem Begriff in § 4(1) Interest Payment Date has the meaning assigned zugewiesene Bedeutung. to such term in § 4(1).

Zusätzliche Beträge hat die diesem Begriff in Additional Amounts has the meaning assigned to § 8(2) zugewiesene Bedeutung. such term in § 8(2).

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§ 17 § 17 ANWENDBARES RECHT, ERFÜLLUNGSORT GOVERNING LAW, PLACE OF PERFORMANCE UND GERICHTSSTAND, GERICHTLICHE AND PLACE OF JURISDICTION, ENFORCEMENT GELTENDMACHUNG

(1) Anwendbares Recht. Form und Inhalt der (1) Governing Law. The Notes, as to form and Schuldverschreibungen sowie die Rechte und content, and all rights and obligations of the Pflichten der Gläubiger und der Emittentin Holders and the Issuer, shall be governed by bestimmen sich in jeder Hinsicht nach German law. deutschem Recht.

(2) Erfüllungsort und Gerichtsstand. (2) Place of Performance and Place of Erfüllungsort ist Frankfurt am Main, Jurisdiction. Place of performance is Bundesrepublik Deutschland. Vorbehaltlich Frankfurt am Main, Federal Republic of eines zwingend vorgeschriebenen Germany. Subject to any mandatory Gerichtsstands für bestimmte Verfahren nach jurisdiction for specific proceedings under dem SchVG ist das Landgericht Frankfurt am the SchVG, the district court of Frankfurt am Main nicht ausschließlicher Gerichtsstand für Main (Landgericht Frankfurt am Main) shall sämtliche aus oder im Zusammenhang mit have non-exclusive jurisdiction for any den Schuldverschreibungen entstehenden action or other legal proceedings arising out Klagen oder sonstige Verfahren. of or in connection with the Notes.

(3) Gerichtliche Geltendmachung. Jeder (3) Enforcement. Any Holder of Notes may in Gläubiger von Schuldverschreibungen ist any proceedings against the Issuer, or to berechtigt, in jedem Rechtsstreit gegen die which such Holder and the Issuer are parties, Emittentin oder in jedem Rechtsstreit, in dem protect and enforce in his own name his rights der Gläubiger und die Emittentin Partei sind, arising under such Notes on the basis of (i) a seine Rechte aus diesen statement issued by the Custodian with whom Schuldverschreibungen im eigenen Namen such Holder maintains a securities account in auf der folgenden Grundlage zu sichern und respect of the Notes (a) stating the full name geltend zu machen: (i) einer Bescheinigung and address of the Holder, (b) specifying the der Depotbank, bei der er für die aggregate principal amount of Notes credited Schuldverschreibungen ein Wertpapierdepot to such securities account on the date of such unterhält, welche (a) den vollständigen statement and (c) confirming that the Namen und die vollständige Adresse des Custodian has given written notice to the Gläubigers enthält, (b) den Clearing System containing the information Gesamtnennbetrag der pursuant to (a) and (b) and (ii) a copy of the Schuldverschreibungen bezeichnet, die unter Global Note representing the relevant Notes dem Datum der Bestätigung auf dem certified as being a true copy of the original Wertpapierdepot verbucht sind und Global Note by a duly authorized officer of (c) bestätigt, dass die Depotbank gegenüber the Clearing System or a depository of the dem Clearingsystem eine schriftliche Clearing System, without the need for Erklärung abgegeben hat, die die vorstehend production in such proceedings of the actual unter (a) und (b) bezeichneten Informationen records or the Global Note representing the enthält, und (ii) einer Kopie der die Notes. For purposes of the foregoing, betreffenden Schuldverschreibungen Custodian means any bank or other financial verbriefenden Globalurkunde, deren institution of recognized standing authorized Übereinstimmung mit dem Original eine to engage in securities custody business with vertretungsberechtigte Person von dem which the Holder maintains a securities Clearingsystem oder einer Verwahrstelle des account in respect of the Notes, including the Clearingsystems bestätigt hat, ohne dass eine Clearing System. Each Holder may, without Vorlage der Originalbelege oder der die prejudice to the foregoing, protect and

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Schuldverschreibungen verbriefenden enforce his rights under these Notes also in Globalurkunde in einem solchen Verfahren any other way which is admitted in the erforderlich wäre. Für die Zwecke des country of the proceedings. Vorstehenden bezeichnet Depotbank jede Bank oder ein sonstiges anerkanntes Finanzinstitut, das berechtigt ist, das Depotgeschäft zu betreiben und bei der/dem der Gläubiger ein Wertpapierdepot für die Schuldverschreibungen unterhält, einschließlich dem Clearingsystem. Unbeschadet der vorstehenden Bestimmungen ist jeder Gläubiger berechtigt, seine Rechte aus diesen Schuldverschreibungen auch auf jede andere im Land des Verfahrens zulässige Weise geltend zu machen.

§ 18 § 18 SPRACHE LANGUAGE

Diese Anleihebedingungen sind in deutscher These Terms and Conditions are written in Sprache abgefasst; eine Übersetzung in die the German language and provided with an englische Sprache ist beigefügt. Nur die English language translation. The German deutsche Fassung ist rechtlich bindend. Die version shall be the only legally binding englische Übersetzung ist unverbindlich. version. The English translation is for convenience only.

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3 DESCRIPTION OF THE ISSUER

3.1 General Information on Deutsche Wohnen SE and the Deutsche Wohnen Group

3.1.1 Formation, Name and Commercial Register Entry

Deutsche Wohnen SE is a European stock corporation (Societas Europaea - SE) organized under German and European law and registered under its legal name “Deutsche Wohnen SE” in the commercial register of the local court (Amtsgericht) of Berlin-Charlottenburg, Germany, under docket number HRB 190322 B. The Company is the parent company of Deutsche Wohnen Group and operates under the commercial name “Deutsche Wohnen”. The legal entity identifier (LEI) of the Company is: 529900QE24Q67I3FWZ10. The Company was initially incorporated as KERA Beteiligungs Aktiengesellschaft, a German stock corporation (Aktiengesellschaft) organized under German law, in 1996 with its registered office in Frankfurt am Main, Germany. The founder and sole shareholder was Deutsche Bank AG. The Company first started to conduct business in 1998 and changed its name to “Deutsche Wohnen AG” in 1998/99. On July 31, 2017 the Company’ legal form was converted into a European stock corporation and as a consequence, the Company’s name was changed to “Deutsche Wohnen SE”. Also, on July 31, 2017, the Company’s registered office changed from Frankfurt am Main, Germany, to Berlin, Germany. The address of the webpage of the Group is www.deutsche-wohnen.de. The Prospectus will be published in the investor relations section of the Company’s webpage. Information on the website does not form part of the Prospectus unless that information is incorporated by reference.

3.1.2 Registered Office, Fiscal Year, Duration and Purpose of the Company

The Company’s registered office is located at Mecklenburgische Straße 57, 14197 Berlin, Germany (telephone: +49 (0) 30 89786-0). Since January 1, 2007, the Company’s fiscal year has been the calendar year. The duration of the Company is indefinite. Pursuant to section 2 of the articles of association of the Company (“Articles of Association”), the Company’s corporate purpose is the acquisition, administration, letting and management, as well as the sale of residential property, nursing care facilities and other real estate. Real estate may be built, modernized and refurbished, services may be provided, and co-operations in all forms may be undertaken by the Company. The Company shall be entitled to operate in the fields listed above, either by itself, or through subsidiaries or portfolio companies; provided, that the purpose of the relevant entity covers the business activities of the Company in full or in part. The Company shall also be entitled to found or acquire such companies; it shall be entitled to manage subsidiaries under joint management or limit itself to the administration of its participating interests, and the Company shall be entitled to dispose of its interests. The Company is entitled to take all actions related to its purpose and which serve its purpose directly or indirectly.

3.1.3 Group Structure and Organization

Deutsche Wohnen SE is the parent company of the Deutsche Wohnen Group and is not dependent on other entities within the Deutsche Wohnen Group. Its primary role within Deutsche Wohnen Group is to function as a finance and management holding company. The operating business is conducted exclusively by subsidiaries, the majority of which were founded and have their registered office in Germany. From an organisational perspective Deutsche Wohnen separates management and asset companies. The management companies are assigned to the respective business segments,

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Residential Property Management, Disposals, Nursing Operations and Nursing Assets. For more information on the Group’s business segments, see “3.2 Principal Activities of the Issuer”.

Deutsche Wohnen SE Management and central administration

Residential/Commercial Strategic Property Disposals/ shareholdings management Acquisitions

Asset companies

3.1.4 Major Shareholders

As of the date of this Prospectus, Deutsche Wohnen SE’s share capital (including shares issued based on contingent capital that have not yet been registered with the commercial register) amounted to €359,774,711, divided into 359,774,711 ordinary bearer shares. The shares of Deutsche Wohnen SE have been included in the MDAX® Index of the Frankfurt Stock Exchange since December 8, 2010. To the extent known to Deutsche Wohnen SE, the Company is neither directly nor indirectly owned or controlled by a major shareholder.

3.1.5 Statutory Auditor

KPMG AG Wirtschaftsprüfungsgesellschaft, Klingelhöferstraße 18, 10785 Berlin, Germany (“KPMG”), was appointed as the statutory auditor of the Company for the fiscal years ended December 31, 2018 and 2019, respectively. KPMG audited the Company’s consolidated financial statements prepared in accordance with IFRS and the additional requirements of German commercial law pursuant to section 315e para. 1 HGB as of and for the fiscal years ended December 31, 2018 and 2019, respectively, in accordance with section 317 HGB and generally accepted standards for the audit of financial statements promulgated by the Institute of Public Auditors in Germany (Institut der Wirtschaftsprüfer in Deutschland e.V.) and issued in each case an unqualified independent auditor’s report (uneingeschränkter Bestätigungsvermerk). KPMG is a member of the German Chamber of Public Auditors (Wirtschaftsprüferkammer K.d.ö.R), Rauchstraße 26, 10787 Berlin, Germany.

3.1.6 Notifications, Paying Agent

Pursuant to the Articles of Association, the Company’s announcements are published in the German Federal Gazette (Bundesanzeiger). To the extent permitted by law, announcements may also be sent by registered mail. Notices concerning the Company’s shares are published in the German Federal Gazette (Bundesanzeiger). Stock market announcements are also published in the German Federal Gazette (Bundesanzeiger). This Prospectus and any subsequent additions to the Prospectus are published on the Company website (https://ir.deutsche-wohnen.com/). -71-

The paying agent is Deutsche Bank Aktiengesellschaft.

3.1.7 Litigation

In the course of their business activities, the companies of the Deutsche Wohnen Group are regularly parties to rental and warranty disputes as well as labor law disputes, but none of these are material with regard to the financial situation or profitability of Deutsche Wohnen Group, neither individually nor as a whole. Except for the circumstances described below, no company of Deutsche Wohnen Group is currently, or has been in the past twelve months, party to any governmental, legal or arbitration proceedings (including any such proceedings which are pending or threatened of which the issuer is aware), during a period covering the previous 12 months which may have, or have had in the recent past significant effects on the Company’s and/or Group’s financial position or profitability. On April 30, 2014, the Company entered into the Domination Agreement with GSW. The Domination Agreement was approved by Deutsche Wohnen’s annual general meeting held on June 11, 2014 and by GSW’s annual general meeting held on June 18, 2014 and became effective with the registration with the Commercial Register on September 4, 2014. Pursuant to the Domination Agreement, shareholders of GSW may demand the exchange of 3 shares in GSW for 7 shares in Deutsche Wohnen. In 2015, the Exchange Ratio was adjusted to 7.079 shares of the Company for 3 shares of GSW due to a capital increase of the Company. GSW shareholders who decide to continue to hold GSW shares will be paid a guaranteed gross dividend of €1.66 per share. Shareholders of GSW instituted a valuation proceeding (Spruchverfahren) pursuant to the German Appraisal Proceedings Act (Spruchverfahrensgesetz) against the Company before the Regional Court of Berlin (Landgericht Berlin). In their complaint, GSW’s shareholders claim in particular that the compensation offered by Deutsche Wohnen is not adequate. Deutsche Wohnen believes that the compensation offered was appropriate and that the proceedings will be dismissed in court. In 2018, Burning Bush Ltd. filed a claim for commission against GSW relating to the acquisition of a portfolio of around 4,000 residential units in Berlin for approximately €655 million by Deutsche Wohnen in 2017 on the basis of an earlier mandate from 2013, demanding payment of approximately €9.8 million plus interest. At the beginning of 2020, the Regional Court (Landgericht) of Berlin as competent court of first instance fully dismissed the claim. However, as of the date of this Prospectus, the period for appeal has not expired yet. On October 30, 2019, the competent supervisory authority Berlin Commissioner for Data Protection and Freedom of Information (Berliner Beauftragte für Datenschutz und Informationsfreiheit) issued a fine of €14.5 million against Deutsche Wohnen for alleged data protection violations due to the use of a data archival solution of Deutsche Wohnen that has already been replaced. Deutsche Wohnen has appealed against this fine, which is now the subject of judicial review, the further course of which remains open.

3.2 Principal Activities of the Issuer

3.2.1 Overview

As of December 31, 2019, Deutsche Wohnen’s property portfolio comprised approximately 164,000 residential and commercial units and had a fair value of €24.2 billion (excluding advance payments, units under construction and undeveloped land). As of December 31, 2019, the Group’s property portfolio also included nursing properties with a fair value of €1.3 billion comprising approximately 12,200 beds and apartments for assisted living. The focus of Deutsche Wohnen’s investments is on residential properties in metropolitan areas and conurbations in Germany. Deutsche Wohnen believes that economic growth, positive net immigration and insufficient, new building activity in these regions form the basis for the further development of its portfolio value. It also views the addition of nursing properties as another growth area, particularly in view of the -72-

demographic trends. With a view to tackling the property industry’s major task in terms of saving CO2 emissions, Deutsche Wohnen believes it can make an important contribution through its energy-saving refurbishments. Deutsche Wohnen focuses on the following four main segments in the context of its business activities: Residential Property Management, Disposals, Nursing Operations and Nursing Assets. Nursing Operations and Nursing Assets together make up the business field Nursing and Assisted Living. Residential Property Management. Deutsche Wohnen’s core business activity is the management of residential properties in the context of active asset management. Asset management includes the modernization and maintenance of the property portfolio of Deutsche Wohnen, the management of tenancy agreements, support for tenants and the marketing of residential units. The focus of property management is on the optimization of rental income. Therefore, rental increase potential is examined continuously, tenant turnover is used as an opportunity to create value, and services are purchased based on best-available prices for real savings and passed on to the tenant. Disposals. The Disposals business segment is another pillar of the Deutsche Wohnen Group’s operating activities. Privatization can take the form of either an individual privatization transaction, i.e. the sale of an individual residential unit (for example, to a tenant), or block sales (institutional sales). The Disposals business segment includes all aspects of the preparation and execution of the sale of residential units from the property portfolio as part of the ongoing portfolio optimization and streamlining process. Nursing Operations. Nursing Operations consists of the investments in the nursing home operators KATHARINENHOF and PFLEGEN & WOHNEN HAMBURG. The range of services provided by the nursing home operators comprises the marketing and management of nursing and residential care homes for the elderly, as well as services relating to the care of the senior citizens residing in those properties. Nursing Assets. Earnings contributions from leases with internal and external operators are presented in the Nursing Assets segment. Inter-company transactions primarily concern agency agreements and leases on arm’s length terms for nursing properties which are operated internally.

3.2.2 Group Strategy

Deutsche Wohnen is committed to total shareholder return, which it defines as increasing the net asset value of Deutsche Wohnen as well as dividend growth. Adressing key challenges for the property market

The German property market continues to be highly dynamic. Metropolitan areas and conurbations are highly attractive as prosperous economic regions and are becoming areas with a high population density. Immigration, growth rates and incomes are rising here, making these areas more innovative and more competitive. Demand for residential and commercial properties is high as a result, and in many German cities is not currently being met by a corresponding level of new building activity. Deutsche Wohnen is also seeing greater demands from its customers: modern fittings, new technologies and property-related services are becoming increasingly important. The immediate residential and working environment is also decisive for many people. Transport links, facilities for day- to-day needs, leisure opportunities, schools, childcare, cultural activities, medical facilities, etc. make a key contribution to the quality of life. Demographic developments and the ageing society they imply are another challenge for the property markets. Accordingly, Deutsche Wohnen’s aim is to expand its residential offering in line with growing needs and to combine comfort and nursing care in the best possible way.

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Finally, the property industry is faced with a major task in terms of saving energy, which is a key lever for achieving global climate goals. Deutsche Wohnen believes that it can make an important contribution through its energy-saving refurbishments. Providing sustainable, livable housing and neighbourhood strategies for people in metropolitan areas

By focusing on metropolitan areas and conurbations in Germany, Deutsche Wohnen has for years been concentrating its portfolio in fast-growing markets, in which it provides housing where it is needed. Around 92% of the Group’s properties by number are situated in its Core+ regions. Around 8% of the Group’s portfolios are situated in Core regions. Deutsche Wohnen strives to continuously improve the quality and ongoing viability of its portfolio by means of investment in its properties. In view of climate protection targets, the Group believes that it has a responsibility to increase the energy efficiency of its properties, thereby contributing to achieving global climate goals. At the same time Deutsche Wohnen is highly dependent on the regulatory environment. Deutsche Wohnen believes that a pleasant residential and working environment is important for its customers and therefore designs its estates from a holistic perspective – from the grounds and infrastructure through to energy supplies. The Group strives to develop appropriate concepts for specific target groups and to improve its service quality continuously. Deutsche Wohnen is convinced that only new building can relieve the pressure on property markets. Therefore the Group is planning investments in new construction in the years ahead, in order to create additional housing in its core regions. Its objective is to develop sustainable and high-quality properties that meet the needs of their users and are fit for the future. Deutsche Wohnen is growing organically and improving the quality of its portfolio through active portfolio management, which includes the selective acquisition and disposal of assets. When buying assets the Group concentrates on high-quality properties with development potential. Deutsche Wohnen is also able to generate economies of scale with acquisitions by means of its platform. When disposing of assets, the Group focuses on properties which it thinks have less development potential and for which the quality and/or location is below average. The resulting cash flow is available for investments in the Company, and particularly in its property portfolio. Acting with foresight

In view of the long investment cycles and comparatively short innovation cycles in the property sector, it is vital to identify and address future challenges and opportunities as early as possible. Deutsche Wohnen therefore intends to keep extending its value chain by developing its property-related services. This entails opening up new property-related business areas by means of strategic equity investments. In view of demographic developments and the increasing need for nursing places and assisted living, the Group is also continuously increasing its investments in the Nursing and Assisted Living business field. Deutsche Wohnen focuses on the quality of the properties, as well as that of the nursing care and assisted living services. The Group is also focusing its nursing care business on towns and regions with positive development forecasts.

3.2.3 Property Portfolio

In the context of its Residential Properties Management segment, Deutsche Wohnen manages one of the largest property portfolios in Germany, comprising approximately 161,300 residential and 2,800 commercial units (approximately 4% of its overall floor space) as of December 31, 2019 and generating annualized rental income of around €842 million for the year ended December 31, 2019. Deutsche Wohnen focuses on fast-growing metropolitan regions and conurbations, which it refers to as Core+ markets and which made up some 92% of the portfolio by number as of December 31, 2019 -74-

(December 31, 2018: 88%). As of December 31, 2019, the average in-place rent for the properties in Deutsche Wohnen’s portfolio amounted to €6.94 per sqm, with a consistently low vacancy rate of 1.8%. The portfolio was further strengthened in 2019 by acquisitions in an amount of approximately €1 billion. In line with the Group’s focused portfolio strategy, its properties are largely concentrated within prosperous metropolitan areas and conurbations with upwards of 500,000 inhabitants. Its most important market is Greater Berlin, where approximately 115,700 residential units and approximately 1,900 commercial units were located as of December 31, 2019, representing around 72% of all of Deutsche Wohnen’s residential units and some 76% of total fair value. Existing rents for nearly 60% of the Group’s apartments amount to up to €7.00 per sqm, placing the Group as a landlord in the mid-market segment. Approximately 55% of Deutsche Wohnen’s portfolio consists of one and two-bedroom apartments. The proportion of one- and two-person households is correspondingly high. Following charts provide information on certain characteristics of Deutsche Wohnen’s portfolio as of December 31, 2019.

Apartment size (Ø 60 sqm) Year of construction In-place rent (Ø 6.94 EUR/sqm/month)

28.3% 28.9% 28.9%

11% 19% 24.3%

18.9% 19.3%

15.8% 30% 18% 11.4%

10.7% 7.4% 23% 4.1%

0.6% 1.2%

< 40 sqm 40 to < 55 sqm

55 to < 65 sqm

<= 4.00 <= 9.01 >= >= 2000 >=

65 to < 75 sqm 1918 <=

4.01 - 5.00 - 4.01 6.00 - 5.01 7.00 - 6.01 8.00 - 7.01 9.00 - 8.01

1950 - 1969 - 1950 1979 - 1970 1999 - 1980 >= 75 sqm 1949 - 1919

The starting point for Deutsche Wohnen’s portfolio management is the segmentation of its properties by carrying out a macro-analysis to divide the portfolio into Core+, Core and Non-Core locations on the basis of a scoring model. This ranks the attractiveness and prospects of the location based on macro-economic, socio-demographic and property-specific data. Among other factors, changes in the population and number of households, local job markets, purchasing power and infrastructure data are analysed. The following table provides an overview of Deutsche Wohnen’s portfolio by segment as of December 31, 2019: -75-

As of December 31, 2019 Residential Commercial Share of Residential total In-place Vacancy Commer- units Area portfolio rent(1) rate cial units Area in thousand in thousand number sqm in % €/sqm in % number sqm Core+...... 148,168 8,905 91.9 7.02 1.7 2,621 381 Greater Berlin ...... 115,740 6,893 71.8 6.95 1.4 1,856 249 Rhine-Main ...... 10,832 651 6.7 8.61 1.8 171 32 Dresden/Leipzig ..... 9,294 601 5.8 6.11 4.0 455 67 Rhineland ...... 6,694 416 4.2 7.13 3.0 82 19 Mannheim/ Ludwigshafen ...... 4,665 290 2.9 6.24 1.8 43 12 Other Core+ 943 54 0.6 10.65 0.6 14 1 Core ...... 12,949 820 8.0 6.00 3.0 162 23 Hanover/ 9,109 588 5.6 6.14 2.8 85 14 Brunswick ...... Other Core ...... 3,840 233 2.4 5.66 3.7 77 9 Non-Core ...... 144 9 0.1 5.15 6.7 0 0 Total ...... 161,261 9,735 100.0 6.94 1.8 2,783 404 ______(1) Contractually owed rent for rented residential units divided by rental area

In addition, Deutsche Wohnen places its locations in one of three categories, on the basis of a microanalysis: “hotspot”, “growth” and “stable”. This analysis in particular considers information relating to changes in rents and prices, sociodemographic aspects and infrastructure. Hotspot locations are experiencing dynamic growth and providing the greatest potential for growth. Growth locations are continually growing, but at a less dynamic pace. Stable locations exhibit merely moderate growth. The share of the “hotspot” and “growth” clusters improved from around 71% in 2016 to around 79% in 2019, due to the Group’s acquisition and disposal policy.

Uplift by clusters

For 2019, Deutsche Wohnen’s tenant churn with respect to its total residential portfolio amounted to 7.8%, with respect to residential units located in Berlin it amounted to 6.8%. Tenant churn, which is also referred to as tenant fluctuation, is derived by dividing the cumulated number of rental -76-

terminations in the months from January to December by the number of outstanding residential units as of December 31 of the relevant year.

3.2.4 Portfolio development

In 2019, the Group optimized its residential property portfolio by means of selective acquisitions and disposals. In addition to purchasing properties in Core+ regions, most of the disposals were located in Core sites. This meant that the regional focus of the total portfolio in Core+ locations improved to 95.3% of fair value as of December 31, 2019 (December 31, 2018: 93.3%). In terms of acquisitions, in 2019, Deutsche Wohnen signed contracts for some 4,700 residential and commercial units for a total purchase price of approximately €1 billion. The majority of these are in Core+ markets such as Frankfurt/Main, Cologne and Düsseldorf, as well as in Dresden and Leipzig. In terms of disposals, in 2019, Deutsche Wohnen was able to exploit the ongoing high demand with sales of 7,181 residential units with a transfer of risks and rewards. Of these, 314 apartments were sold as part of the privatization programme, while institutional sales accounted for 6,867. The biggest transaction was the sale of around 6,350 residential and commercial units at a price of €615 million, which was closed in the third quarter of 2019 and for which the transfer of benefits and encumbrances occurred in the fourth quarter of 2019. The residential units were mostly situated in Kiel, Lübeck, Erfurt and Chemnitz, i.e., outside Germany’s metropolitan areas. The rental impact of this disposal amounts to a minus of €28 million per annum. In addition, Deutsche Wohnen notarised the sale of a portfolio of 2,175 residential and commercial units in Berlin for some €358 million in December 2019, with a rental impact amounting to a minus of €12.5 million per annum. These were mostly properties built with public funding and the technical condition of which was below average. It is expected that the associated risks and rewards will be transferred by the end of 2020. The following chart presents key information on Deutsche Wohnen’s disposals in 2019 and 2018 broken down according to privatization and institutional disposals:

3.2.5 Operating performance

The following overview shows the changes in in-place rent and vacancy rates in a like-for-like comparison, i.e. only for residential properties which were managed by Deutsche Wohnen on a consistent basis over the past twelve months.

December 31, December 31, Like-for-like December 31, 2019 2018 December 31, 2019 2018 Residential In-place In-place units rent(1) rent(1) Change Vacancy rate Vacancy rate -77-

number €/sqm €/sqm in % in % in % Total ...... 156,750 6.87 6.64 3.4 1.7 2.0 Letting portfolio(2) ...... 150,789 6.89 6.66 3.5 1.5 1.9 Core+...... 138,264 6.97 6.74 3.5 1.4 1.9 Greater Berlin ...... 110,656 6.97 6.72 3.7 1.3 1.8 Rhine-Main ...... 9,229 8.22 7.98 3.0 1.3 1.2 Dresden/Leipzig ...... 8,086 6.10 5.93 2.8 3.7 4.3 Rhineland ...... 4,845 6.31 6.19 1.8 0.9 1.0 Mannheim/ Ludwigshafen ...... 4,556 6.23 6.09 2.3 1.2 2.5 Other Core+ 892 10.69 10.48 2.1 0.6 0.3 Core ...... 12,525 6.01 5.85 2.8 2.9 2.5 Hanover/ Brunswick .... 8,922 6.14 5.95 3.2 2.6 2.3 Other Core ...... 3,603 5.65 5.56 1.6 3.6 2.8 ______(1) Contractually owed rent for let apartments divided by let surface area (2) Without disposal and Non-Core properties

Like-for-like rental growth in 2019 came to 3.4%, which represents an annualized increase in rental income of around €24.6 million compared to 2018. Rent increases for existing tenants were moderate at 1.5%. The like-for-like vacancy rate in the letting portfolio was reduced to 1.5% in 2019 (2018: 1.9%). Vacancies due to refurbishment in 2019 were roughly similar to 2018, accounting for 0.6%.

3.2.6 Portfolio investments

In 2019, the Group spent some €469 million or €45 per sqm on maintenance and refurbishment, which represents a year-on-year increase of around 13%. €102 million, or around one-quarter, was for maintenance and around three-quarters for refurbishment, which particularly includes energy-saving improvements to the fabric of the building and the technical installations. Of the total refurbishment costs of €367 million, around €136 million were for work completed between tenancies and €231 million were for complex refurbishment projects. Usually costs for complex refurbishment projects consist of 70% capitalised maintenance costs and some 30% modernization expenses which can be charged to the tenants. As part of its portfolio investments Deutsche Wohnen spent about €1.2 billion on the refurbishment and maintenance of its portfolio in the past three years.

The following table illustrates the maintenance expenses as well as the refurbishment measures for the years indicated.

2019 2018 In € million (unaudited) Maintenance ...... 102.4 102.9 In € per sqm ...... 9.92(1) 10.14(1) Refurbishment ...... 366.7 313.5 In € per sqm ...... 35.53(1) 30.91 Maintenance and refurbishment ...... 469.1 416.4 In € per sqm ...... 45.45(1) 41.05(1) ______(1) Based on average surface area on a quarterly basis in each period.

3.2.7 Portfolio valuation

The strong demand for property continued in 2019 in the real estate markets and was met with a consistently low level of supply. This surplus demand and the persistently positive trend in rents and -78-

vacancies are reflected in an increase of €1.4 billion in the value of Deutsche Wohnen’s property portfolio as of December 31, 2019, although price inflation was lower in Berlin than it has been in recent years. The valuation result was confirmed by way of an external appraisal from Jones Lang LaSalle. The overview below shows key valuation figures for the Group’s property portfolio as of December 31, 2019:

Residential Multiple in- Multiple Macro cluster Region units Fair value Fair value place rent market rent

Number In € million €/sqm Core+...... 148,168 23,087 2,490 29.5 22.8 Greater Berlin ...... 115,740 18,428 2,584 30.9 23.5 Rhine-Main ...... 10,832 1,842 2,702 26.3 21.1 Dresden/Leipzig ..... 9,294 1,404 2,104 28.8 23.1 Rhineland ...... 6,694 867 1,992 23.4 19.4 Mannheim/ Ludwigshafen ...... 4,665 370 1,223 16.4 13.8 Other Core+ ...... 943 176 3,184 24.6 20.4 Core ...... 12,949 1,145 1,356 19.1 15.8 Hanover/ Brunswick ...... 9,109 825 1,370 18.8 15.4 Other Core ...... 3,840 320 1,323 19.9 17.2 Non-Core ...... 144 6 638 11.0 9.7 Total ...... 161,261 24,237 2,394 28.8 22.4

The most significant appreciation amounts to just under €1.3 billion and relates to the Core+ segment, first and foremost the Greater Berlin region (approximately €1.1 billion). On January 30, 2020 the Berlin parliament passed a law restricting rental increases for a period of five years. The rental freeze legislation applies both to existing tenancy agreements and to new lettings of residential property. So far the draft legislation does not appear to have had any effect on pricing in the deal market. See also “3.5 Recent Developments” below.

3.2.8 Nursing properties

The Group’s Nursing and Assisted Living business field comprises 90 nursing properties with a total of approximately 12,200 beds and a fair value of €1.3 billion as of December 31, 2019. A total of 89 of these nursing properties are owned by Deutsche Wohnen. This makes the Group one of the largest owners of nursing properties in Germany. Deutsche Wohnen has two different business models for its nursing properties: 38 nursing facilities (with approximately 5,300 beds) are operated by KATHARINENHOF Seniorenwohn- und Pflegeanlage Betriebs-GmbH and its subsidiaries, in which the Company held a 49% stake as of December 31, 2019, and by the wholly-owned subsidiary PFLEGEN & WOHNEN HAMBURG GmbH. The other 52 facilities (approximately 6,900 beds) are managed by various external operators based on long-term contracts. As in the residential segment, Deutsche Wohnen focuses its nursing care activities on cities and regions with positive development forecasts, since the need for nursing care and assisted living is particularly high there. In this context the Group always ensures that it secures prime properties and high-quality nursing and residential care. In this context, Deutsche Wohnen intends to particularly strengthen investments in new construction projects and selective acquisitions in its strategic target regions. As part of a portfolio streamlining, the Group notarised the disposal of a total of 13 nursing properties with around 1,700 beds

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or units of assisted living at the end of the 2019 fiscal year. The relevant nursing properties were not located in the Group’s strategic target regions and are subject to structural and regulatory restrictions. It is expected that the associated risks and rewards will be transferred in the first half of 2020. Deutsche Wohnen believes that demographic developments mean that the market for nursing care in Germany will continue to grow. The Group intends to expand the Nursing segment up to 15% of Group EBITDA, in particular by means of selected acquisitions. In 2019, it contributed some 10% of EBITDA, including the new acquisitions.

3.3 Key Indicators

Deutsche Wohnen believes that the key indicators EBITDA (adjusted), EBITDA (adjusted) before Disposals and Funds from Operations (“FFO”) described in this section constitute significant indicators for measuring the operating performance of the group’s business (“Key Indicators”). EBITDA (adjusted) is defined as EBITDA plus one-off expenses and minus one-off revenues arising in conjunction with one-off projects (e.g. restructuring or acquisitions). EBITDA (adjusted) before Disposals is defined as EBITDA (adjusted) excluding earnings from Disposals. Since the 2019 financial year, staff, general and administrative expenses related to disposals have been excluded. EBITDA (adjusted) before Disposals for 2018 was adjusted accordingly. Deutsche Wohnen uses the Key Indicator FFO I to measure cash flow from operating activities and its performance against budget. FFO I is based on EBITDA excluding earnings from Disposals and is then adjusted up or down for non-recurring effects, finance income and/or expenses, and tax income and/or expenses with an impact on cash flow. FFO is, from the company’s perspective, a benchmark, liquidity-oriented indicator for property companies which is derived from the Group profit and loss account and is the basis for the dividend pay-out. Based on EBITDA (adjusted), adjustments are made for any one-off items, non-cash finance expenses/revenues and non-cash tax expenses/revenues. FFO I (without Disposals) is adjusted for the earnings from Disposals. Since the 2019 financial year, staff, general and administrative expenses related to disposals have no longer been included in FFO I. FFO I for 2018 was adjusted accordingly. FFO II (including Disposals) includes the earnings from Disposals as well as staff, general and administrative expenses related to disposals. The Key Indicators are not recognized as measures under IFRS and should not be considered as substitutes for figures such as earnings before taxes, profit, cash flow from operating activities or other financial figures determined in accordance with IFRS, or as measures of profitability or liquidity. The Key Indicators do not necessarily indicate whether cash flow will be sufficient or available for Deutsche Wohnen’s cash requirements. They are not indicative of Deutsche Wohnen’s historical operating results and are not meant to be indicative of future results. Because not all companies calculate these measures and figures in the same way, Deutsche Wohnen’s presentation of the Key Indicators is not necessarily comparable with similarly titled measures used by other companies.

2019 2018 In € million, unless otherwise indicated (unaudited, unless otherwise indicated) EBITDA before result of adjustments to the fair value of investment properties(1) ...... 873.1 659.1 Valuation of current assets (properties) ...... 0.4 1.4 Other one-off expenses and income ...... 23.8 0.6 Restructuring and reorganisation costs ...... 3.9 0.9 EBITDA (adjusted) ...... 901.2 662.0 Earnings from Disposals ...... -186.1 -43.1 Staff, general and administration expenses of disposals ...... 3.5 3.1(4) EBITDA (adjusted) before Disposals ...... 718.6 622.0(4) -80-

Long-term remuneration component (share-based) ...... 0.0 0.3 Finance leasing broadband cable networks ...... 2.9 2.0 At-equity valuation ...... 2.8 2.6 Interest expense/income ...... -136.5 -103.6 Income taxes ...... -39.7 -34.5 Non-controlling interests ...... -10.0 -6.3 FFO I ...... 538.1 482.5(4) Earnings from Disposals ...... 186.1 43.1 Staff, general and administration expenses of disposals ...... -3.5 -3.1 FFO II ...... 720.7 522.5 FFO I per share in € (undiluted)(2) ...... 1.50 1.36(4) FFO I per share in € (diluted)(3) ...... 1.50 1.36(4) FFO II per share in € (undiluted)(2) ...... 2.01 1.47 FFO II per share in € (diluted)(3) ...... 2.01 1.47 ______(1) Audited. (2) Based on a weighted average of approximately 358.09 million shares in circulation in 2019 (without own shares) and approximately 355.70 million in 2018. (3) Based on the weighted average of approximately 358.09 million outstanding shares in 2019 (without own shares) and approximately 355.70 million in 2018; each assuming conversion of the convertible bonds that are in the money. (4) Calculation method changed in 2019: staff, general and administration expenses are no longer included in EBITDA (adjusted) before Disposals and FFO I – the 2018 figures have been amended accordingly.

All rental income from broadband cable networks is included in the calculation of FFO, regardless of whether the corresponding contracts are classified in the IFRS consolidated financial statements as finance leases or operating leases with Deutsche Wohnen as lessor. To this extent, the rental payments agreed under civil law and which impact cash flow are shown as rental income, although they are classified as interest and debt repayments in the consolidated financial statements.

3.4 Capital Structure

Deutsche Wohnen’s net financial liabilities (including convertible bonds) as of December 31, 2019, increased to €9,339.0 million compared to €8,749.4 million as of December 31, 2018, due to the addition of new bonds and loans that exceeded repayments. Even with the new funding, the average interest rate remained stable year on year at around 1.3%. The average term to maturity of the Group’s loans, convertible bonds and bonds is 7.5 years. The hedging ratio, which is defined as the ratio of financial liabilities, convertible bonds and corporate bonds at fixed interest rates or with interest rate hedges to the total nominal value of financial liabilities, convertible bonds and corporate bonds, came to approximately 88% as at December 31, 2019 (2018: 87%). The LTV ratio (i.e., the ratio of the total net financial liabilities to the value of investment properties plus non-current assets held for sale and land and buildings held for sale) stood at 35.4% as of December 31, 2019 (2018: 36.0%), which was in Deutsche Wohnen’s LTV ratio target range of 35- 40%. In connection with the first-time application of IFRS 16, right-of-use assets in connection with leases accounted for according to IAS 40 were eliminated for the calculation of the LTV ratio as of December 31, 2019. The following chart provides an overview of the Group’s debt maturity profile by type of debt.

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1 Maturity profile in EUR m based on notional amounts

Bank Debt

Convertible Bonds 100

Bonds 60 Pvt. Placements 800 70 1,230 80 800 1,327 1,104 878 200 750 857 592 433 279 22 8 173 225 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 ≥2030 1 As of 31 December 2019; excluding commercial papers As of December 31, 2019, the Group’s debt consisted of 63% secured bank debt and 37% unsecured debt (including 16% convertible bonds and 21% other unsecured debt, but excluding commercial paper). Deutsche Wohnen has access to approximately € 1.0 billion in short-term liquidity, consisting of revolving credit facilities in an aggregate amount of €400 million, which have been prolonged until 2022, and a commercial paper program. The Group’s interest coverage ratio (“ICR”) for 2018 and 2019, which is defined as EBITDA (adjusted) excluding Disposals divided by current interest expenses and interest income, is set forth below: 2019 2018 (unaudited) EBITDA (adjusted) before Disposals in € million ...... 718.6(1) 622.0(1) Current interest expenses and interest income in € million ...... 126.1(2) 103.9 ICR ...... 5.7 6.0 ______(1) Calculation method changed in 2019: staff, general and administration expenses are no longer included in EBITDA (adjusted) before Disposals – the 2018 figures have been amended accordingly. (2) Current interest expenses and interest income do not include interest income from finance leases for broadband cable networks.

3.5 Recent Developments

In late January 2020 the parliament of Berlin adopted a law capping rents for housing in Berlin (referred to as Mietendeckel or “rent cap”). It came into effect in February 2020. As the constitutionality of the legislation is in dispute, several applications for judicial review have been announced, also to the Federal Constitutional Court. The courts are expected to accept the applications for review. The law provides for rents to be frozen for five years, whereby rents agreed in accordance with the German Civil Code (Bürgerliches Gesetzbuch – BGB) up to June 18, 2019 and rents for new lettings may not be exceeded until the effective date of the legislation. There are exceptions for properties built after 2014, special-needs accommodation and publicly funded new housing, residential homes and accommodation not suitable for human habitation that is being refurbished. Rent caps have also been established. They

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range from €3.92 per sqm to €9.80 per sqm per month and are generally based on the figures from the 2013 Berlin rental index. Any higher current rents must also be reduced to the permitted level of 120% of the rent cap, which the landlord is obliged to do within nine months of the law taking effect. Modernization work, including necessary insulation, may only be charged to tenants at a rate of €1.00 per sqm per month. There is a risk that future rental income and rental trends will be lower, which depends largely on the judicial review of the rent cap. Conversely, lower return expectations on the part of investors (yield compression) could have an impact on the fair values of residential and commercial buildings. On balance, it is still too early to estimate the effects of the rent cap, but at the moment it has had no measurable impact on purchase prices for residential property in Berlin. The legislation affects Group properties in Berlin with annualised rental income of about €500 million as of December 31, 2019. Over the duration of the legislation Deutsche Wohnen estimates the impact on the Group’s earnings and financial position to be up to approximately €40 million per year as a result of potential rent reductions for existing tenants and new lettings, which will occur over the years 2020 to 2024, with an average fluctuation of 7% per year. Deutsche Wohnen currently expects the rental loss resulting from the legislation to amount to approximately €9 million for 2020 and to approximately €31 million for 2021. Deutsche Wohnen cannot rule out adverse effects on property valuations and the Group’s assets. As of February 6, 2020, Deutsche Wohnen Group acquired the remaining shares in KATHARINENHOF Seniorenwohn- und Pflegeanlage Betriebs-GmbH for a price of €25.5 million (excluding goodwill). In February 2020, Deutsche Wohnen also acquired a portfolio of some 1,300 residential and 150 commercial units for a price of nearly €290 million. Risks and rewards are expected to be transferred in stages in 2020. The portfolio consists primarily of 19th century buildings and is situated in the Core+ locations Dresden and Leipzig. In March 2020, Deutsche Wohnen acquired the development business from Munich-based ISARIA Wohnbau AG (“ISARIA”), which previously belonged to the US financial investor Lone Star. ISARIA is specialized in converting commercial space into urban and sustainable areas providing contemporary living space. Deutsche Wohnen acquires thirteen project companies with an expected total investment cost of €1.8 billion for a total consideration of around €600 million. The expected rent of the development pipeline, from which 2,700 residential units are to be delivered over the next 10 years, is approximately €60 million per annum. From a regional perspective, the project pipeline is located mainly in the Munich region (71%), followed by Stuttgart (17%), Hamburg (9%) and Frankfurt am Main (4%). The transcation is funded with debt financing and further asset disposals and Deutsche Wohnen expects that its LTV ratio will be kept in the 35-40% target range. The transfer of benefits and encumbrances is expected for second or third quarter of 2020. The spread of the Coronavirus creates additional uncertainties for GDP growth. While at this point in time Deutsche Wohnen does not assume that the ongoing COVID-19 pandemic will have a material impact on the Group’s net assets, earnings and financial position, the further consequences of the pandemic on the financial and real estate markets in general, and on Deutsche Wohnen in particular, as of the date of this Prospectus cannot ultimately be assessed due to the current uncertainties. At an operational level, Deutsche Wohnen has taken various measures to protect the security and health of its tenants, service providers and employees, while at the same time maintaining its ongoing business operations. In addition, Deutsche Wohnen has created a €30 million relief fund to provide financial help to commercial and residential tenants affected by the crisis and to tradespeople and small service providers. Deutsche Wohnen is monitoring the situation and its potential impacts on the Group’s business and operations.

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3.6 Material Agreements

The following summarizes the material agreements of Deutsche Wohnen that were not entered into in the ordinary course of Deutsche Wohnen’s business and could result in a member of the Deutsche Wohnen Group being under an obligation or entitlement that is material to Deutsche Wohnen’s ability to meet its obligations to Holders of the Notes.

3.6.1 Enterprise Agreements

3.6.1.1 Domination Agreement between the Company and GSW

Following the completion of an exchange offer, the Company, as the controlling company, and GSW, as the controlled company, entered into the Domination Agreement on April 30, 2014. Following the approval by the general meetings of both parties to the agreement, the Domination Agreement entered into force upon registration in the commercial register of GSW on September 4, 2014. Under the Domination Agreement, GSW assigned the management control (Leitung) of its company to the Company. Accordingly, the Company is entitled to issue instructions (Weisungen) which are binding for the management board of GSW, both generally and with regard to individual cases. Pursuant to the Domination Agreement, the Company guarantees the Minority GSW Shareholders a fixed annual payment in the form of a guaranteed dividend for the duration of the agreement. The guaranteed gross dividend amounts to €1.66 for each share of GSW for each entire fiscal year of GSW. Furthermore, the Company undertook, at the request of a Minority GSW Shareholder, to acquire a Minority GSW Shareholder’s registered shares in GSW in exchange for bearer shares in the Company in the Exchange Ratio of 7 shares of the Company for 3 registered shares of GSW within a defined period which ended on November 4, 2014. In 2015, the Exchange Ratio was adjusted to 7.079 shares of the Company for 3 shares of GSW due to a capital increase of the Company. As appraisal proceedings were initiated pursuant to the German Act on Appraisal Proceedings (Spruchverfahrensgesetz), Minority GSW Shareholders that have not exchanged their GSW shares are entitled to exchange their GSW shares into new Deutsche Wohnen shares at the same conditions as set forth in the settlement offer or, as the case may be, as amended in the appraisal proceeding or in a settlement reached in the course of or in connection with such proceeding, until two months after the initial judgment regarding the last appraisal motion is announced in the German Federal Gazette (Bundesanzeiger). Pursuant to the German Act on Appraisal Proceedings (Spruchverfahrensgesetz), the court could adjudicate a higher settlement. In this case, former Minority GSW Shareholders can also require a corresponding supplement to the compensation that they have already received. The same applies in the event that the Company grants a higher compensation for a shareholder of GSW to settle potential claims arising out of or in connection with proceedings pursuant to section 1 number 1 German Act on Appraisal Proceedings (Spruchverfahrensgesetz).

3.6.1.2 Other Enterprise Agreements

The Company has further entered into domination and profit-and-loss transfer agreements with the following subsidiaries in order to create fiscal units for tax purposes.  Deutsche Wohnen Fondsbeteiligungs GmbH (domination and profit-and-loss transfer agreement);  Deutsche Wohnen Management- und Servicegesellschaft mbH (domination and profit-and- loss transfer agreement); -84-

 Deutsche Wohnen Zweite Fondsbeteiligungs GmbH (domination and profit-and-loss transfer agreement);  Deutsche Wohnen Corporate Real Estate GmbH (domination and profit-and-loss transfer agreement);  Rhein-Pfalz Wohnen GmbH (domination agreement);  Deutsche Wohnen Management GmbH (profit-and-loss transfer agreement);  Deutsche Wohnen Immobilien Management GmbH (profit-and-loss transfer agreement);  Deutsche Wohnen Construction and Facilities GmbH (profit-and-loss transfer agreement);  Larry I Targetco (Berlin) GmbH (domination and profit-and-loss transfer agreement); and  Larry II Targetco (Berlin) GmbH (domination and profit-and-loss transfer agreement). Under the domination and profit-and-loss transfer agreements, the respective subsidiary has given the Company control over the management of its company. Furthermore, the subsidiaries must transfer their annual net profit or loss as it would have been calculated without the transfer of profit-and- losses to the Company. In exchange, the Company is obligated to offset any annual shortfalls that may arise at the level of the subsidiaries. The control and profit-and-loss transfer agreements have a minimum term of five years and can be terminated with a notice period of six months following this fixed term. Otherwise they are automatically extended for one more year. However, the right of the parties to cancel the agreements for due cause without notice shall not be affected. These provisions apply mutatis mutandis to the stand-alone profit-and-loss transfer agreements, save that the respective subsidiary does not cede control to Deutsche Wohnen SE.

3.6.2 Financing Agreements

Deutsche Wohnen Group has entered into various loan agreements. In addition to the loan agreements described in detail below, Deutsche Wohnen Group companies have entered into a large number of other loan agreements with several banks, most of which were granted for the purpose of financing real estate. They are typically secured by land charges, assignments of rental payments and account pledge agreements. The general terms and conditions of the relevant lender typically form part of the individual loan agreements. The general terms and conditions include, in particular, provisions regarding the event of defaults related to the commercial situation of the borrower in question and/or a change of control. Some loan agreements prohibit the assignment of borrower rights without the prior written consent of the lender. Some of the loan agreements include negative pledges.

3.6.2.1 Credit Agreement between GSW and Berlin Hyp AG

As of June 8, 2018, GSW as borrower and Berlin Hyp AG, Berlin, Germany (“Berlin Hyp”), as lender, entered into a credit agreement (the “Credit Agreement”). The Credit Agreement provides for three loan facilities in an aggregate amount of €625 million (balance as of December 31, 2019: €625 million). Under the Credit Agreement, Berlin Hyp granted GSW three loan facilities in an amount of €271.4 million (“Facility 1”), an amount of €142 million (“Facility 2”) and an amount of €211.6 million (“Facility 3”). Facility 1 amortizes in a lump sum repayment due on March 31, 2023, Facility 2 and Facility 3 each amortize in lump sum repayments due on May 31, 2028. The Credit Agreement provides for certain contingent unscheduled repayments: Unless GSW provides equivalent surrogate collateral, the agreement stipulates that if units from the real estate

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portfolio which were pledged as collateral are sold, unscheduled repayments must be made from the sales’ proceeds. In addition to land charges, GSW has provided Berlin Hyp with certain collateral as loan security, including the following:  an assignment by GSW of all rights and claims arising out of interest rate hedge agreements;  an assignment by GSW of all current or future rights to receive payments under the lease agreements regarding properties pledged as collateral under the Credit Agreement; and  pledges by GSW of all balances regarding a collection account for repayment amounts.

3.6.2.2 Credit Agreement between GSW and PBB

On March 31, 2017, GSW as borrower entered into a loan agreement with Deutsche Pfandbriefbank AG (“PBB”) as bank over an initial loan of €260,000,000. The loan amount was increased to €360,000,000 in an amendment executed on May 23. 2019. Following this amendment the loan is divided into the following four tranches: Tranche 1 over a loan amount of €40,000,000, Tranche 2 over a loan amount of €220,000,000, Tranche 3 over a loan amount of €20,000,000 and Tranche 4 over a loan amount of €80,000,000. Final maturity of all four tranches is in 2027. Prior to that, the loan agreement provides for regular linear amortization of 1% p.a. for Tranches 1, 3 and 4 and for annity repayments (annuitätische Tilgung) in an initial amount of 1% p.a. for Tranche 2. In all cases, regular amortization increases if the LtV for the relevant portfolio exceeds certain tresholds. In addition to land charges, GSW has provided PBB with certain further security, including the following:  an assignment by GSW of all rights and claims arising out of interest rate hedge agreements;  an assignment by GSW of all current or future rights to receive payments under the lease agreements regarding properties pledged as collateral under the Credit Agreement; and  pledges by GSW of all balances regarding a collection account for repayment amounts.

3.6.3 Interest Rate Swap Agreements

As part of its ordinary course of business, Deutsche Wohnen hedges its variable interest rate financing agreements using customary market hedging instruments. Therefore, Deutsche Wohnen has entered into various interest rate swap agreements, which are derivative contracts where each counterparty agrees to pay cash flows based on either a fixed or floating rate denominated in a particular currency to the other counterparty.

3.6.4 2015 Notes

On July 24, 2015, the Company issued unsecured fixed rate notes with a total nominal amount of €500.0 million and a denomination of €1,000 each (the “2015 Notes”). The 2015 Notes bear interest with a fixed interest rate of 1.375% per annum. Interest payments are made annually in arrears on July 24. The 2015 Notes are listed and admitted to trading on the regulated market of the Luxembourg Stock Exchange (Bourse de Luxembourg). The terms and conditions of the 2015 Notes contain certain covenants limiting the incurrence of new financial indebtedness by Deutsche Wohnen. These covenants relate to Deutsche Wohnen’s LTV Ratio, its interest-coverage-ratio and its unencumbered-assets-to-unsecured-financial-indebtedness ratio.

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The 2015 Notes become due and payable on July 24, 2020. According to the terms and conditions of the 2015 Notes, the Company may redeem the 2015 Notes at any time in whole but not in part, together with any accrued interest thereon, upon no less than 45 days’ and no more than 60 days’ prior notice. In case of a premature redemption, the repayable amount is the higher of (i) the principal amount per 2015 Note and (ii) the discounted market price per 2015 Note as calculated by the calculation agent (make-whole amount). In the second quarter of 2019, the Company successfully engaged in a partial repurchase of 2015 Notes for a total purchase price of €221.2 million. The purchase price per 2015 Note amounted to €1,020.11 including accrued interest. The repurchase comprised 44.2% of the initial total nominal amount leaving 2015 Notes in a principal amount of approximately €278.8 million outstanding.

3.6.5 Bearer and Registered Notes

The Company has over the last few years issued various series of unsecured fixed or floating bearer notes (Inhaberschuldverschreibungen) and registered notes (Namensschuldverschreibungen) with varying maturities. In each case the notes were offered in private placements to banks and institutional investors and none of these instruments has been listed on a regulated market in the EU. The terms and conditions of the bearer and registered Notes contain certain covenants limiting the incurrence of new financial indebtedness by Deutsche Wohnen. These covenants relate to Deutsche Wohnen’s LTV Ratio and its interest coverage ratio. The largest instruments of this type issued by the Company are fixed rate bearer notes (Inhaberschuldverschreibungen) with a term until 2031 and an interest rate of 1.625% that were initially issued in a nominal amount of €327,000,000 and were subsequently increased by way of two tap increases to their current aggregate nominal amount of €437,000,000.

3.6.6 Convertible Bonds

3.6.6.1 Convertible Bonds 2017

On February 27, 2017, the Company issued convertible bonds with a total nominal amount of €800 million, divided into 8,000 bonds with a nominal amount of €100,000 each (the “2017 Convertible Bonds”, and each, a “2017 Convertible Bond”). The 2017 Convertible Bonds bear interest of 0.325% per annum on their nominal amount, payable annually in arrears on July 26. The 2017 Convertible Bonds mature on July 26, 2024 and, amongst others, include the following options and provisions:  The Company has the right to redeem the 2017 Convertible Bonds, in whole, but not in part, from August 17, 2022, onwards at any time if the XETRA-quotation (volume-weighted) on at least 20 of 30 consecutive trading days exceeds 130% of the then applicable conversion price.  The Company has a clean-up option if only 20% or less of the 2017 Convertible Bonds issued are outstanding.  The 2017 Convertible Bonds may be repaid at the nominal amount plus accrued interest in cash, or instead, at the Company’s discretion (if no event of default has occurred), in whole or in part, in shares at the then prevailing market price.  The 2017 Convertible Bonds can be converted into shares of the Company from April 10, 2017 onwards at the conversion price (to be determined in accordance with their terms and conditions). Both contingent capital and authorized capital can be used to service the 2017 Convertible Bonds (subject to general corporate requirements). The Company has the right -87-

to pay a cash amount in Euro instead of the delivery of shares (in whole or in part). The cash consideration shall be calculated on the basis of the arithmetic average of the XETRA- quotations during 20 consecutive trading days. To the best knowledge of the Company, none of the 2017 Convertible Bonds have been converted yet. The conversion price per share currently amounts to €47.4859. Based on this conversion price, the full exercise of all conversion rights could result in the issuance of up to approximately 16.9 million shares in the Company and would thereby increase the share capital by up to approximately 4.7%.

3.6.6.2 Convertible Bonds 2017/II

On October 4, 2017, the Company issued convertible bonds with a total nominal amount of €800 million, divided into 8,000 bonds with a nominal amount of €100,000 each (the “2017/II Convertible Bonds”, and each, a “2017/II Convertible Bond”). The 2017/II Convertible Bonds bear interest of 0.6% per annum on their nominal amount, payable annually in arrears on January 5. The 2017/II Convertible Bonds mature on January 5, 2026 and include options and provisions substantially equivalent to the options under the terms and conditions of the 2017 Convertible Bonds, only that the date as of which bondholders may request a conversion into shares of the company is November 15, 2017. To the best knowledge of the Company, none of the 2017/II Convertible Bonds have been converted yet. The conversion price per share currently amounts to €49.9189. Based on this conversion price, the full exercise of all conversion rights could result in the issuance of up to approximately 16.0 million shares in the Company and would thereby increase the share capital by up to approximately 4.5%.

3.6.7 System Provider Agreement

Deutsche Wohnen has entered into a system provider agreement with B&O Service Berlin GmbH for building management of its entire real estate portfolio (except for facilities for senior citizens) with a total annual volume of €67 million as of December 31, 2019. Above all, the agreement involves servicing technical building systems, maintenance, tenant changes and processing of insured losses. To facilitate the implementation of the contracts, the service provider has been integrated into the Group’s SAP system.

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3.7 Management and Supervision

3.7.1 Overview

The Company’s corporate bodies are the Management Board, the Supervisory Board and the general meeting. The powers and responsibilities of these corporate bodies are governed by Article 9 para 1 lit. c) (ii) of the SE Regulation in conjunction with the German Stock Corporation Act (Aktiengesetz), the Articles of Association and the rules of procedure for the Management Board and the Supervisory Board. All members of the Management Board and of the Supervisory Board may be reached at the Company's registered office at Mecklenburgische Straße 57, 14197 Berlin, Germany (telephone: +49 (0) 30 89786-0).

3.7.2 Management Board

Pursuant to Section 8 para. 1 and 2 of the Articles of Association, the Management Board must consist of at least two persons and the Supervisory Board determines the exact number of the members of the Management Board. The Supervisory Board may appoint a Management Board member as chairman of the Management Board and deputy members of the Management Board. Currently, the Management Board consists of four members, Michael Zahn, Philip Grosse, Henrik Thomsen and Lars Urbansky. Mr. Zahn is currently appointed as chairman of the Management Board (CEO). Reappointment or extension, each for a maximum period of up to five years, is permissible. The Supervisory Board may revoke the appointment of a Management Board member prior to the expiration of his term for good cause, such as a gross breach of fiduciary duty, or if the general meeting passes a vote of no confidence with respect to such member, unless the no-confidence vote was clearly unreasonable. The Supervisory Board is also responsible for entering into, amending and terminating employment agreements with members of the Management Board and, in general, for representing the Company in and out of court against the Management Board. Pursuant to Section 8 para. 3 of the Articles of Association, the Company is represented vis-à- vis third parties and in court proceedings by two members of the Management Board or by one Management Board member acting jointly with an authorized signatory (Prokurist). The Supervisory Board may determine that all or specific members of the Management Board are authorized to represent the Company individually. The table below lists the current members of the Management Board:

Name Member since Appointed until Responsibilities

Michael Zahn (CEO) September 1, 2007 December 31, 2023 – Strategy – Asset Management – M&A/Disposals – Corporate Communication – Human Resources – Marketing – IT – Procurement – Nursing and Assisted Living

Philip Grosse (CFO) September 1, 2016 August 31, 2024 – Corporate Finance & Treasury

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Name Member since Appointed until Responsibilities – Accounting – Tax – Risk Management – Investor Relations – Legal/Compliance – Controlling – Sustainability Management/CSR Reporting

Henrik Thomsen (CDO) October 1, 2019 December 31, 2023 – Property Development & Technical Maintenance – Technology Investments – Neighborhood Development Lars Urbansky (COO) April 1, 2019 March 31, 2023 – Property Management – Rent Development – Customer Service

3.7.3 Supervisory Board

In accordance with Article 9 para. 1 lit. c) (i) and 40 para. 3 of the SE Regulation in conjunction with Sections 95 and 96 AktG and Section 10 of the Articles of Association, the Supervisory Board comprises six members. Pursuant to Article 9 para 1 lit. c) (ii) of the SE Regulation in conjunction with Section 100 para. 5 AktG, the members of the Supervisory Board as a whole must be familiar with the industry in which the Company conducts its business. The Supervisory Board is not subject to employee co-determination as provided by the German One-Third Employee Representation Act (Drittelbeteiligungsgesetz) or the German Codetermination Act (Mitbestimmungsgesetz). Therefore, the members of the Supervisory Board are all elected by the general meeting as representatives of the shareholders. The members of the Supervisory Board are generally elected for a fixed term of up to five years. Re-election, including repeated re-election, is permissible. The following table lists the members of Supervisory Board and the positions they hold outside the Company.

Principal occupation outside Name Member since Appointed until Committee Memberships the Company Matthias Hünlein June 28, 2000 2020 general Executive and Nomination Managing Director of meeting Committee Tishman Speyer Properties Audit Committee Deutschland GmbH, Capital Market and Frankfurt am Main Acquisition Committee Dr. rer. pol. Andreas June 28, 2000 2020 general Executive and Nomination Management Consultant, Kretschmer meeting Committee Düsseldorf (Deputy Chairman) Capital Market and Acquisition Committee Jürgen Fenk October 1, 2017 2022 general Executive and Nomination Managing Director and meeting Committee Member of the Group Audit Committee Executive Board of SIGNA Holding GmbH, Vienna, Austria Arwed Fischer June 18, 2019 2022 general Member of various meeting Supervisory Boards

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Principal occupation outside Name Member since Appointed until Committee Memberships the Company Tina Kleingarn June 15, 2018 2023 general Capital Market and Partner of Westend meeting Acquisition Committee Corporate Finance, Frankfurt am Main Dr. Florian Stetter March 23, 2006 2021 general Audit Committee Chairman and member of meeting the management board of Rockhedge Asset Management AG, Krefeld

3.7.4 No Potential Conflicts of Interest

There are no potential conflicts of interest between any duties to the Company of the members of the Management Board and Supervisory Board and their private interests and/or other duties.

3.8 Recent Developments and Outlook; Trend Information and No Adverse Change

There have been no recent events particular to the Company which are relevant to the evaluation of the Company’s solvency. Except as disclosed in this Prospectus, including the information incorporated herein by reference, between December 31, 2019 and the date of this Prospectus, no significant changes occurred in the financial position or trading position of Deutsche Wohnen and there has been no material adverse change in the prospects of the Company.

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4 SUBSCRIPTION AND SALE

4.1 Subscription

The Issuer and the Joint Bookrunners will enter into a subscription agreement dated April 28, 2020 (the “Subscription Agreement”). Under the Subscription Agreement, the Issuer agrees to issue and sell to the Joint Bookrunners, and the Joint Bookrunners agree, subject to certain customary closing conditions, to subscribe and pay for the Notes on April 30, 2020. The Issuer agrees to pay certain fees to the Joint Bookrunners and to reimburse the Joint Bookrunners for certain expenses incurred in connection with the issue of the Notes. Under certain circumstances, the Joint Bookrunners may terminate the Subscription Agreement. In such event, no Notes will be delivered to investors. Furthermore, the Issuer has agreed to indemnify the Joint Bookrunners against certain liabilities they may incur in connection with the offer and sale of the Notes.

4.2 Selling Restrictions

4.2.1 General

The Joint Bookrunners have acknowledged that no representation is made by the Issuer or any of the Joint Bookrunners that any action has been or will be taken in any jurisdiction that would permit a public offering of the Notes, or possession or distribution of this Prospectus or other materials relating to the Notes, in any country or jurisdiction where action for that purpose would be required. Each Joint Bookrunner has undertaken to comply, to the best of its knowledge and belief, in all material respects with all applicable laws and regulations in each jurisdiction in which it acquires, offers, sells or delivers Notes or has in its possession or distributes this Prospectus (in preliminary, proof or final form) or any such other materials, in all cases at its own expense.

4.2.2 United States of America

The Notes have not been and will not be registered under the Securities Act and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons, except in accordance with Regulation S or pursuant to an exemption from, or in a transactions not subject to, the registration requirements of the Securities Act. The Joint Bookrunners have represented, warranted and undertaken that they have not offered or sold, and will not offer or sell, the Notes constituting part of their respective allotment within the United States, except in accordance with Rule 903 of Regulation S. Accordingly, the Joint Bookrunners have further represented, warranted and undertaken that neither they, nor their respective affiliates, nor any persons acting on their behalf, have engaged or will engage in any directed selling efforts with respect to the Notes. Terms used in this paragraph shall have the same meanings given to them by Regulation S. The Notes are subject to U.S. tax law requirements and may not be offered, sold or delivered within the United States or its possessions or to a U.S. person, except in transactions permitted by U.S. tax regulations. Terms used in this paragraph have the meanings ascribed to them by the United States Internal Revenue Code of 1986, as amended, and regulations thereunder. In addition, until 40 days after the commencement of the offering of the Notes, an offer or sale of Notes within the United States by a dealer (whether or not participating in the offering) may violate the registration requirements of the Securities Act.

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4.2.3 European Economic Area and United Kingdom

Each Joint Bookrunner has represented and agreed that it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any Notes to any retail investor in the European Economic Area or the United Kingdom. For the purposes of this provision the expression retail investor means a person who is one (or more) of the following: (i) a retail client as defined in point (11) of Article 4(1) of MiFID II; or (ii) a customer within the meaning of Directive (EU) 2016/97 (as amended, the "Insurance Distribution Directive"), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II.

4.2.4 United Kingdom of Great Britain and Northern Ireland (United Kingdom)

Each of the Joint Bookrunners has represented and agreed that: (i) it has only communicated or caused to be communicated, and will only communicate or cause to be communicated, an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the FSMA) received by it in connection with the issue or sale of the Notes in circumstances in which Section 21 para. 1 of the FSMA does not apply to the Issuer; and (ii) it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to such Notes in, from or otherwise involving the United Kingdom.

4.2.5 Singapore

Each Joint Bookrunner has acknowledged that this Prospectus has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, each Joint Bookrunner has represented, warranted and agreed that it has not offered or sold any Notes or caused the Notes to be made the subject of an invitation for subscription or purchase and will not offer or sell any Notes or cause the Notes to be made the subject of an invitation for subscription or purchase, and has not circulated or distributed, nor will it circulate or distribute, this Prospectus or any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the Notes, whether directly or indirectly, to any person in Singapore other than (i) to an institutional investor (as defined in Section 4A of the SFA) pursuant to Section 274 of the SFA, (ii) to a relevant person (as defined in Section 275(2) of the SFA) pursuant to Section 275(1) of the SFA, or any person pursuant to Section 275(1A) of the SFA, and in accordance with the conditions specified in Section 275 of the SFA, or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA. Where the Notes are subscribed or purchased under Section 275 of the SFA by a relevant person which is: (i) a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or (ii) a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an accredited investor, securities or securities-based derivatives contracts (each term as defined in Section 2(1) of the SFA) of that corporation or the beneficiaries’ rights and interest (howsoever described) in that trust shall not be transferred within six months after that corporation or that trust has acquired the Notes pursuant to an offer made under Section 275 of the SFA except: -93-

(i) to an institutional investor or to a relevant person, or to any person arising from an offer referred to in Section 275(1A) or Section 276(4)(i)(B) of the SFA; (ii) where no consideration is or will be given for the transfer; (iii) where the transfer is by operation of law; (iv) as specified in Section 276(7) of the SFA; or as specified in Regulation 37A of the Securities and Futures (Offers of Investments) (Securities and Securities-based Derivatives Contracts) Regulations 2018.

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5 TAXATION WARNING

The tax legislation of the state of residence of a prospective purchaser of Notes and the Issuer’s country of incorporation may have an impact on the income received from the Notes. Prospective purchasers of Notes are advised to consult their own tax advisors as to the tax consequences of the purchase, ownership and disposition of the Notes.

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6 GENERAL INFORMATION

For the purposes of the Listing, the Prospectus shall be approved by the CSSF, as the competent authority for such approval under the Prospectus Regulation. The CSSF only approves the Prospectus as meeting the standards of completeness, comprehensibility and consistency imposed by the Prospectus Regulation. Such approval should not be considered as an endorsement of the Issuer that is the subject of the Prospectus. The Prospectus will be published in electronic form on the website of the Luxembourg Stock Exchange (Bourse de Luxembourg) (www.bourse.lu). By approving the Prospectus, the CSSF assumes no responsibility for the economic and financial soundness of the transactions contemplated by the Prospectus or the quality or solvency of the Issuer. Interests of Natural and Legal Persons Involved in the Issue

From time to time, the Joint Bookrunners and their affiliates have performed, and may in the future perform, investment banking and advisory services for the Issuer for which they have received, or will receive, customary fees and expenses. In particular, the Joint Bookrunners have entered into a contractual relationship with the Company in connection with the Issue of the Notes. In addition, in the ordinary course of their business activities, the Joint Bookrunners and their respective affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivate securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers. Such investments and securities activities may involve securities and/or instruments of the Issuer or its affiliates. The Joint Bookrunners and their affiliates that have a lending relationship with the Issuer routinely hedge their credit exposure to the Issuer, as applicable, consistent with their customary risk management policies. Typically, the Joint Bookrunners and their affiliates would hedge such exposure by entering into transactions which consist of either the purchase of credit default swaps or the creation of short positions in securities, potentially including the Notes. Any such short positions could adversely affect future trading prices of the Notes. The Joint Bookrunners and their respective affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or financial instruments and may hold, or recommend to clients that they acquire, long and/or short positions in such securities or instruments.

6.1 Authorization and Issue Date

The issuance of the Notes was authorized by the Management Board on April 21, 2020. The Issue Date of the Notes is April 30, 2020.

6.2 Use of Proceeds

The net proceeds from the issuance of the Notes, estimated by the Issuer to amount to approximately €981.5 million, will be used to refinance existing indebtedness, finance M&A transactions, in particular the acquisition of ISARIA, as well as for general corporate purposes. The total expenses of the issue are estimated by the Issuer to amount to approximately €6.1 million.

6.3 Delivery of Notes

Delivery and payment of the Notes will be made on the Issue Date (i.e., April 30, 2020). The Notes so purchased will be delivered via book-entry delivery through the Clearing System and their depository banks against payment of the issue price.

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6.4 Costs and Expenses Relating to the Purchase of Notes

The Issuer will not directly charge any costs, expenses or taxes directly to any investor in connection with the Notes. However, investors should inform themselves about any costs, expenses or taxes in connection with the Notes which are generally applicable in their respective country of residence, including any charges their own depository banks charge them for purchasing or holding the Notes.

6.5 Listing and Admission to Trading of the Notes

Application will be made to the Luxembourg Stock Exchange (Bourse de Luxembourg) for both Series of Notes to be listed on the official list of the Luxembourg Stock Exchange (Bourse de Luxembourg) and to be admitted to trading on the regulated market of the Luxembourg Stock Exchange (Bourse de Luxembourg). The regulated market of the Luxembourg Stock Exchange (Bourse de Luxembourg) is a regulated market for the purposes of Directive 2014/65/EU of the European Parliament and of the Council of May 15, 2014 on markets in financial instruments, as amended. The admission to trading is expected to be granted on or around April 30, 2020.

6.6 Clearing System and Security Codes

The Notes will be accepted for clearance through: Clearstream Banking AG. Mergenthalerallee 61 65760 Eschborn Germany The 2025 Notes have the following securities codes: International Securities Identification Number (ISIN) ...... DE000A289NE4

Common Code ...... 216623380

German Securities Identification Number (WKN) ...... A289NE

The 2030 Notes have the following securities codes: International Securities Identification Number (ISIN) ...... DE000A289NF1

Common Code ...... 216623509

German Securities Identification Number (WKN) ...... A289NF

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6.7 Ratings3 of the Issuer and the Notes

S&P4 has assigned the long-term credit rating “A-”5 (negative outlook) to the Issuer. Moody’s6 has assigned the long-term credit rating “A3”7 (negative outlook) to the Issuer. The Notes are expected to be rated “A-” by S&P and “A3” by Moody’s.

6.8 Indication of Yield

The yield in respect of the 2025 Notes from the Issue Date up to (but excluding) the Notes 2025 Maturity Date is 1.226% per annum, calculated on the basis of the issue price of the 2025 Notes. The yield in respect of the 2030 Notes from the Issue Date up to (but excluding) the Notes 2030 Maturity Date is 1.696% per annum, calculated on the basis of the issue price of the 2030 Notes. Such yields are calculated in accordance with the ICMA (International Capital Markets Association) Method.

6.9 Documents Available

So long as Notes are outstanding, copies of the following documents will be available for inspection at the registered office of the Issuer and at the specified offices of the Paying Agent: (a) the Articles of Association (accessed by using the hyperlink: https://ir.deutsche- wohnen.com/websites/dewohnen/English/4900/articles-of-association.html); (b) a copy of the approved Prospectus and any supplement thereto (accessed by using the hyperlink: https://www.deutsche-wohnen.com/bond2020); and (c) the documents incorporated herein by reference (accessed by using the hyperlinks set out in the section “7 Information Incorporated By Reference” below).

3 A credit rating assesses the creditworthiness of an entity and informs an investor therefore about the probability of the entity being able to redeem invested capital. It is not a recommendation to buy, sell or hold securities and may be revised or withdrawn by the rating agency at any time. 4 S&P is established in the European Community and is registered under the CRA Regulation. The European Securities and Markets Authority publishes on its website (www.esma.europa.eu/page/list- registered-and-certified-CRAs) a list of credit rating agencies registered in accordance with the CRA Regulation. That list is updated within five working days following the adoption of a decision under Article 16, 17 or 20 CRA Regulation. The European Commission shall publish that updated list in the Official Journal of the European Union within 30 days following such update. 5 S&P defines “A-” as follows: “An obligor rated 'A' has strong capacity to meet its financial commitments but is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligors in higher-rated categories. […] The ratings from 'AA' to 'CCC' may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories.” 6 Moody’s is Moody’s Investors Service Limited, established in the UK and registered under the CRA Regulation. 7 Moody’s defines “A3” as follows: “Obligations rated A are considered upper-medium grade and are subject to low credit risk. […] Moody’s appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.” -98-

7 INFORMATION INCORPORATED BY REFERENCE

The pages set forth below, which refer to Deutsche Wohnen’s Annual Reports 2018 and 2019 that have previously been published and filed with the CSSF, shall be deemed to be incorporated by reference in, and to form part of, this Prospectus. The Issuer’s audited consolidated financial statements as of and for the fiscal years ended December 31, 2018 and 2019, respectively, incorporated by reference were prepared in accordance with IFRS as adopted by the EU and the additional requirements of German commercial law pursuant to Section 315e para. 1 HGB. The auditor’s reports (Bestätigungsvermerke) with respect to the Issuer’s consolidated financial statements as of and for the fiscal years ended December 31, 2018 and 2019, respectively, incorporated by reference refer to the complete consolidated financial statements, comprising consolidated balance sheet, consolidated profit and loss statement, consolidated statement of comprehensive income, consolidated statement of cash flows, consolidated statement of changes in equity, and notes to the consolidated finanancial statements, together with the group management report of Deutsche Wohnen SE for the financial year from January 1 to December 31, 2019. The group management report is not included in this Prospectus. The above-mentioned auditor’s reports and consolidated financial statements are both translations of the respective German-language documents.

7.1 Audited consolidated financial statements of Deutsche Wohnen SE as of and for the year ended December 31, 2019 (IFRS)

The audited consolidated financial statements of Deutsche Wohnen SE as of and for the fiscal year ended December 31, 2019 set forth on the following pages of Deutsche Wohnen’s Annual Report 2019 shall be incorporated by reference: Consolidated Balance Sheet ...... pages 122-123 Consolidated Profit and Loss Statement ...... page 124 Consolidated Statement of Comprehensive Income ...... page 125 Consolidated Statement of Cash Flows ...... pages 126-127 Consolidated Statement of Changes in Equity ...... pages 128-129 Notes to the Consolidated Financial Statements...... pages 130-201 Independent Auditor’s Report ...... pages 202-210

7.2 Audited consolidated financial statements of Deutsche Wohnen SE as of and for the year ended December 31, 2018 (IFRS)

The audited consolidated financial statements of Deutsche Wohnen SE as of and for the fiscal year ended December 31, 2018 set forth on the following pages of Deutsche Wohnen’s Annual Report 2018 shall be incorporated by reference: Consolidated Balance Sheet ...... pages 110-111 Consolidated Profit and Loss Statement ...... page 112 Consolidated Statement of Comprehensive Income ...... page 113 Consolidated Statement of Cash Flows ...... page 114 Consolidated Statement of Changes in Equity ...... page 115 Notes to the Consolidated Financial Statements...... pages 116-186

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Independent Auditor’s Report ...... pages 187-194 Upon written or oral request, the Issuer will provide a copy of any or all of the documents containing information incorporated by reference free of charge. Requests for such documents should be directed to the Issuer at its registered office as set out at the end of this Prospectus. The documents containing information incorporated by reference into this Prospectus have been published on the Issuer’s website (www.deutsche-wohnen.de) and will be published on the website of the Luxembourg Stock Exchange (www.bourse.lu). Electronic versions of the documents incorporated by reference can also be accessed by using the following hyperlinks: Audited consolidated financial statements of Deutsche Wohnen SE as of and for the fiscal year ended December 31, 2019: “ https://ir.deutsche- wohnen.com/download/companies/dewohnen/Annual%20Reports/DE000A0HN5C6-JA-2019-EQ-E- 02.pdf ” Audited consolidated financial statements of Deutsche Wohnen SE as of and for the fiscal year ended December 31, 2018: “ https://ir.deutsche- wohnen.com/download/companies/dewohnen/Annual%20Reports/DE000A0HN5C6-JA-2018-EQ-E- 03.pdf ”

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NAMES AND ADRESSES

ISSUER

Deutsche Wohnen SE Mecklenburgische Straße 57 14197 Berlin Germany

PAYING AND CALCULATION AGENT LISTING AGENT

Deutsche Bank Aktiengesellschaft Deutsche Bank Luxembourg S.A. Taunusanlage 12 2, boulevard Konrad Adenauer 60325 Frankfurt am Main 1115 Luxembourg Germany Luxembourg

JOINT GLOBAL COORDINATORS AND JOINT BOOKRUNNERS

Deutsche Bank Aktiengesellschaft Goldman Sachs International Taunusanlage 12 Plumtree Court 60325 Frankfurt am Main 25 Shoe Lane Germany London EC4A 4AU United Kingdom

J.P. Morgan Securities plc 25 Bank Street Canary Wharf London E14 5JP United Kingdom

JOINT BOOKRUNNERS

BNP Paribas UniCredit Bank AG 10 Harewood Avenue Arabellastraße 12 London NW1 6AA 81925 Munich United Kingdom Germany

INDEPENDENT AUDITOR TO THE ISSUER

KPMG AG Wirtschaftsprüfungsgesellschaft Klingelhöferstraße 18 10785 Berlin Germany

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LEGAL ADVISORS TO THE ISSUER

as to German and United States law

Sullivan & Cromwell LLP Neue Mainzer Strasse 52 60311 Frankfurt am Main Germany

As to the laws of Luxembourg

Arendt & Medernach SA 41A avenue JF Kennedy L-2082 Luxembourg Luxembourg

LEGAL ADVISOR TO THE JOINT BOOKRUNNERS

as to German and United States law

Linklaters LLP Taunusanlage 8 60329 Frankfurt Germany

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