Full Year 2019 Financial Results Presentation

FULL YEAR 2019 FINANCIAL RESULTS PRESENTATION

MAR 2020 TABLE OF CONTENTS

Munich HIGHLIGHTS

FINANCIAL RESULTS

Berlin OPERATIONS AND PORTFOLIO

APPENDIX

Frankfurt Cologne

Amsterdam Paris

2 HIGHLIGHTS 2019 GUIDANCE ACHIEVED

EXTERNAL GROWTH PORTFOLIO INTERNAL GROWTH PORTFOLIO M&A GROWTH TLG MERGER

➢ €3 bn acquired in 2019 ➢ 4.2% total like-for-like net rent growth ➢ In February 2020, the merger with TLG was fully

➢ High quality assets of mainly offices and larger footprint ➢ 3.6% in-place rent growth & 0.6% occupancy growth finalized and completed in Berlin, Munich, Frankfurt, Paris and BENELUX ➢ Together AT and TLG create the leading pan-European ➢ Net rental income +21% at €766m ➢ office/hotel/residential RE company with a well- Commercial portfolio as of December 2019: €18.1 bn, ➢ FFO I +24% at €503m diversified portfolio in top tier European cities, mainly in (Pro forma €23 bn including TLG as of Dec 2019) 1) ➢ FFO I per share +10% at €0.43, reflecting a 9.7% yield DE and the NL

➢ Dividend per share +10% at €0.28, reflecting a 6.3% ➢ The merger is credit rating positive as it enhances the 1)2) yield scale and diversity while reinforcing the portfolio quality and exposure to robust markets

CAPITAL RECYCLING PORTFOLIO VALUE CREATION SHAREHOLDER VALUE FINANCIAL PROFILE DEBT FINANCING

➢ Approx. €750 million disposed in 2019, of mainly mature ➢ €1.7bn profit for the year, EPS (basic) at €1.12 ➢ Maintaining: offices, hotels, development rights and retail ➢ €1.2bn contribution from revaluation gains, supporting: ➢ Long average debt maturity: 7.2 years ➢ +72% over total costs & 2% over net book value ➢ +16%3) EPRA NAV per share growth at €8.7 ➢ Low average cost of debt: 1.7% resulting in: ➢ +27% EPRA NAV incl. perpetuals at €13.1bn ➢ High unencumbered assets €14.2bn (81% ratio) ➢ FFO II of €814 million, +42% ➢ Low LTV: 34% ➢ Increasing asset quality & firepower towards the ➢ Above is excluding TLG. Including TLG Ø cost of debt is 1.6%, Ø pipeline debt maturity is 6.8 years, unencumbered assets 16.2bn, and ➢ 2020 YTD signed disposals at €40m pro forma LTV as of Dec 2019 is 36% 3 Berlin 1) based on a share price of €4.4 2) 2019 dividend distribution is subject to the next AGM approval and based on a payout ratio of 65% of FFO I per share 3) adjusted for dividends CLICK ON THE ASSET TO SEE AT’S HIGH QUALITY ACQUISITIONS IN 2019 GOOGLE MAPS LOCATIONS

Acquisitions

€3.7bn €3.7bn1) Berlin Prime Center Rosa-Luxemburg-Platz Berlin Charlottenburg Office €3bn

€2.2bn

Frankfurt Main Central Train Station Office Frankfurt Messe (conference center) Office

2016 2017 2018 2019

1) including acquisitions through joint ventures of €0.6bn Berlin Prime Center Kurfürstendamm Frankfurt Office District Office Frankfurt Airport Office Paris Charles de Gaulle Airport Hyatt Hotel

➢ €3bn of acquisitions at an average multiple of 21x, AT acquired Office and Cologne Prime Center Steigenberger Hotel Vienna Center Penta Hotel Hotel properties in top tier locations, primarily:

➢ Munich ➢ Hamburg Germany & BENELUX - Center Parcs Resorts ➢ Berlin Paris City Center Marriott Conference Hotel ➢ Paris ➢ Frankfurt ➢ BENELUX ➢ Cologne For a comprehensive list of AT’s major assets, please visit the “Asset List” on AT’s website Frankfurt Messe office (conference Munich Office Campus center) Davos Promenade Hotel Brussels Prime Center Hotel 4 TLG MERGER FULLY FINALIZED AND COMPLETED IN 2020

CLICK ON THE ASSET TO SEE GOOGLE MAPS LOCATIONS

BERLIN – OFFICE / HOTEL DRESDEN - HOTEL Enhanced scale and diversification post merger with €26bn portfolio value* BERLIN - OFFICE FRANKFURT - OFFICE BERLIN - OFFICE BERLIN - OFFICE Solid overlap and footprint in top tier cities with strong fundamentals

BERLIN – OFFICE BERLIN - OFFICE DRESDEN - HOTEL DRESDEN - HOTEL BERLIN - OFFICE

LEIPZIG - HOTEL BERLIN - OFFICE BERLIN - HOTEL DRESDEN - OFFICE

BERLIN – OFFICE / RETAIL / FRANKFURT - OFFICE BERLIN – OFFICE / RETAIL BERLIN - OFFICE BERLIN - OFFICE *Pro forma including TLG portfolio and proportion in GCP RESIDENTIAL 5 including land for development & other rights AT’S CORPORATE GROWTH IN 2019

INDEX INCLUSION WITH OUTPERFORMER IN THE 94TH INCREASED VISIBILITY AND PERCENTILE GLOBALLY AMONG STOCK LIQUIDITY 339 PEERS, IMPROVED FOR THE 2ND CONSECUTIVE YEAR FROM RD TH Highest ESG-ranked real estate 93 PERCENTILE IN 2018 & 88 constituent, 10th highest ESG PERCENTILE IN 2017 03/2020 among all constituents

S&P EUROPE 350 IMPROVED GOVERNANCE 09/2019 COMMITMENT TO Aroundtown improved its ranking by STRUCTURE SUSTAINABILITY AND Sustainalytics, one of the leading global FTSE EUROFIRST 300 STRONG GOVERNANCE sustainability rating agencies, to 09/2019 Outperformer in the 94th percentile Also included in the MSCI, MDAX, FTSE EPRA, STOXX 600 globally among 339 peers which eventually contributed towards DAX 50 ESG inclusion AT’s leadership is bolstered with strong additions to its boards: Mr. Ran Laufer and Ms. Simone Runge- In Sep 2019, Aroundtown received the Brandner joined the Board of Directors and EPRA BPR Gold award for the third Mr. David Maimon joined the Advisory Board consecutive year, the highest standard for The management will be strengthened further financial reporting and the EPRA sBPR with additional members nominated by TLG Gold award for the second consecutive year for its sBPR reporting initiatives

6 Frankfurt FINANCIAL RESULTS

7 PROFIT AND LOSS

2019 2018 Net rental income, recurring long-term* (in €m) in € millions REVENUE 894.8 747.1 RECURRING LONG-TERM NET RENTAL INCOME 756.1 613.8 CAGR 2016-2019 +9% PROPERTY REVALUATIONS AND CAPITAL GAINS 1,217.5 1,536.4 +48% 823 Share in profit from investment in equity-accounted investees 298.7 251.6 756 Property operating expenses (227.9) (219.1) 614 EBITDA 2,157.5 2,295.1 415 Finance expenses, net (141.7) (114.6) Current tax expenses (70.6) (44.4) 233 PROFIT FOR THE YEAR 1,709.1 1,827.8 Basic earnings per share (in €) 1.12 1.54 2016 2017 2018 2019 Dec 2019 Diluted earnings per share (in €) 1.11 1.49 Annualized * Excluding net rent from assets held for sale

SOLID ORGANIC GROWTH FROM BOH EXTERNAL AND INTERNAL SOURCES Net profit (in €m)

1,828 IN-PLACE 1,709 TOTAL OCCUPANCY RENT 1,539 L-F-L L-F-L LIKE-FOR-LIKE +3.6% +4.2% +0.6% 2019 2019 2019 901

2016 2017 2018 2019 8 ADJUSTED EBITDA

2019 2018 in € millions Subtracted as these profits include AT’s share in non- Operating profit 2,155.8 2,293.5 operational profits generated by the equity accounted Total depreciation and amortization 1.7 1.6 investees EBITDA 2,157.5 2,295.1 Property revaluations, capital gains and other income (1,217.5) (1,536.4) Mainly related to adjusted EBITDA of the properties Share in profit from investment in equity-accounted investees (298.7) (251.6) marked for disposal to reflect the long-term recurring Other adjustments (0.3) (10.4) Adjusted EBITDA of the commercial portfolio

ADJUSTED EBITDA COMMERCIAL PORTFOLIO, 641.0 496.7 RECURRING LONG TERM Adding back the contribution from GCP’s operations, Adjustment for GCP’s and other investments’ adjusted EBITDA 131.7 109.3 resulting from Aroundtown’s strategic investment of contribution 39%, as well as from other investments ADJUSTED EBITDA 772.7 606.0

ADJUSTED EBITDA

CAGR +42% 773

606

429

268

2016 2017 2018 2019 9 FFO I & FFO II 2019 GUIDANCE ACHIEVED

2019 2018 FFO I per share FFO I PER SHARE (in €) FFO I per share after in € millions perpetual ADJUSTED EBITDA COMMERCIAL PORTFOLIO, 641.0 496.7 RECURRING LONG TERM Finance expenses, net (141.7) (114.6) CAGR 0.43 Current tax expenses (70.6) (44.4) 0.39 0.38 FFO I 0.36 Contribution to minorities (17.4) (6.7) per share 0.34 Other adjustments 3.4 7.9 +20% 0.32 FFO I COMMERCIAL PORTFOLIO, RECURRING LONG TERM 414.7 338.9 0.25 Adjustment for GCP’s and other investments’ FFO I contribution 88.7 66.8 FFO I 503.4 405.7 FFO I PER SHARE (IN €) 0.43 0.39 FFO I yield 1) FFO I per share after perpetual notes attribution (in €) 0.38 0.34 9.7% Result from disposal of properties 310.9 168.9 1) Based on a share price of €4.4 FFO II 814.3 574.6 2016 2017 2018 2019 2) 2019 dividend is subject to next AGM approval and based FFO I FFO I & FFO II (in €m) on a distribution DIVIDEND PER SHARE (in €) FFO II ratio of 65% of FFO I per share CAGR CAGR 2) FFO I 814 0.28 +21% 0.25 +45% 0.23 575 2) 503 406 0.16 339 Dividend 293 yield 166 166 6.3%1) 2016 2017 2018 2019

2016 2017 2018 2019 10 TOTAL ASSETS

Total Assets (in €bn) ENHANCED SCALE Investment Property (in €bn)

CAGR >30 CAGR 23 2016-2019 2016-2019 +46% 25.4 Over €30 billion total assets pro forma including +54% 18.1 TLG, positioning the combined company among 19.0 14.2 Top 3 listed Real Estate firm in Europe with 13.8 The largest diversified Office/Hotel/Residential 9.8 8.1 portfolio among the European listed RE 5.0

2016 2017 2018 2019 2019 pro forma* 2016 2017 2018 2019 2019 pro forma* * pro forma including TLG as of Dec 2019 * pro forma including TLG as of Dec 2019

11 EPRA NAV

EPRA NAV (in €m) Dec 2019 Dec 2018 in € millions Per share in € millions Per share CAGR 13,117 NAV PER THE FINANCIAL STATEMENTS 13,378.9 9,944.3 EPRA NAV Equity attributable to perpetual notes investors (2,484.0) (1,547.7) incl. perpetual notes NAV EXCLUDING PERPETUAL NOTES 10,894.9 8,396.6 +44% 10,290 10,633 Fair value of derivative financial instruments (71.6) 25.1 8,742 Deferred tax liabilities 1,119.5 887.8 7,656 NAV 11,942.8 €9.8 9,309.5 €8.2 6,483 Non-controlling interests (1,309.4) (567.1) EPRA NAV 4,349 10,633.4 €8.7 8,742.4 €7.7 3,871 Equity attributable to perpetual notes investors 2,484.0 1,547.7 EPRA NAV INCLUDING PERPETUAL NOTES 13,117.4 €10.7 10,290.1 €9.1 Number of shares incl. in-the-money dilution effects (in millions) 1,224.9 1,129.7 2016 2017 2018 2019 EPRA NAV EPRA NAV incl. perpetual notes +16% TOTAL SHAREHOLDER EPRA NAV per share (in €) RETURN (incl. EPRA NAV CAGR dividends) NAV EPRA NAV including EPRA NNNAV perpetual notes EPRA NAV in € millions unless otherwise indicated incl. perpetual notes 10.7 Dec 2019 11,942.8 10,633.4 13,117.4 10,139.3 +26% 9.1 8.7 Dec 2019 per share (in €) 9.8 8.7 10.7 8.3 7.6 7.7 6.5 (dividend adjusted) Per share growth +23% +16% +20% +11% 5.4 4.9 Per share growth +20% +13% +18% +8% Dec 2018 9,309.5 8,742.4 10,290.1 8,730.7 Dec 2018 per share (in €) 8.2 7.7 9.1 7.7 2016 2017 2018 2019 EPRA NAV per share EPRA NAV incl. perpetual notes per share 12 MAINTENANCE, CAPEX AND AFFO

2018 Ratio of CAPEX over Investment Property: 2019 Ratio of CAPEX over Investment Property: Maintenance (in €m) 1.0% 1.3%

Maintenance ratio of investment 40% property decreased to 0.15% in 41% 2019 from 0.18% in 2018 Expansion capex Expansion capex 2018 CAPEX Tenant improvements 38% 2019 CAPEX Tenant improvements Other capex Other capex 28% €148m €233m 26 27

32% 21%

2018 2019

CAPEX CATEGORIES AFFO (in €m)

➢ Expansion capex: Activities that are targeted at creating additional income drivers or value generation potential which may result in additional lettable space or enhancement of the existing space ➢ Tenant improvements: Incentives, fit-out works or lease-supporting activities that are targeted for retaining existing tenants or attracting 2019 2018 in € millions new tenants, supporting tenant quality FFO I 503.4 405.7 ➢ Other capex (AFFO relevant item): Ongoing expenditures that are not included above and targeted for sustaining the high quality of the CAPEX* (48.1) (47.4) portfolio AFFO 455.3 358.3 * AFFO relevant capex, excluding expansion capex and tenant improvements

13 VERY STRONG EXCESS LIQUIDITY TO PROVIDE STABILITY AND ABILITY TO CAPTURE ATTRACTIVE OPPORTUNITIES

Overview for the next 24 months Liquidity Sources Liquidity Uses Debt repayments €387 million Cash balance – March 2020 ~€2,800 million Committed acquisitions and capex €150 million Group dividend** €813 million

FFO – Aroundtown Dividend for perpetual and mandatory convertibles €1,250 million €207 million (Dec 2019 run rate Annualized for 2 years)* holders Total of €4,050 million Total of €1,557 million

Total excess liquidity of €2.5 billion Substantial cash position provides strength and firepower to capture attractive acquisitons opportunities In addition, the group currently has a high pool of unencumbered assets of €16.2bn which is not included above and is another source of additional potential liquidity * See slide 27 for more details 14 **65% of the annualized FFO, subject to AGM approval CONSERVATIVE CAPITAL STRUCTURE TLG’s similar conservative capital structure and financial policy supports maintaining these metrics healthy

DEBT MATURITY PROFILE1) STRONG DEBT AND HEDGING PROFILE1) 1200 Debt maturity

1000 Millions 6.8 years average 800 maturity 94% 600 3% 3% Cost of debt 400 1.6% Ø cost of debt 200 fixed, swapped 0 cap variable 97% 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 >2034 hedged

Straight bond Bank debt 1) including TLG

LOAN-TO-VALUE CONSISTENTLY STRONG ICR FINANCING SOURCES MIX UNENCUMBERED ASSETS

Straight bonds in % by rent by value Company BOD limit of 45% 4.8 31% 1 4.7 37% 39% €16.2bn Loans & 73%1 borrowings 9% 71% 72% 2% 6% 4% Convertible €10.2bn 36% 36% 35% 34% Pro forma, Bonds €7.1bn including Equity 58% 57% 57% TLG

Perpetual 2017 2018 2019 2018 2019 notes 2017 2018 2019 2017 2018 2019 2017 2018 2019 1) pro forma, including TLG. Excluding TLG the total value is €14.2bn and the ratio is 81% 15 AROUNDTOWN BOND COVENANTS

✓ Each of the bond covenants is met with a significant headroom. Internal financial policy is set at stricter levels ✓ ECB eligibility: Bonds issued under the EMTN Programme (Listed in the EU)* ✓ The bonds are unsecured and have the below covenant package:

Overview of Covenant Package

Covenant Type EMTN programme covenants

1 Limitation on Debt ✓ Total Debt / Total Assets <=60%(1) 2 Limitation on Secured Debt ✓ Secured Debt / Total Assets <=45%(2) 3 Maintenance of Unencumbered Assets ✓ Unencumbered Assets/Unsecured Debt >= 125%(3) 4 Maintenance of Coverage Ratio ✓ Adjusted EBITDA / Net Cash Interest >=1.8x 5 Change of Control Protection ✓

Notes: 1) Total Net Debt / Total Net Assets 2) Secured Net Debt / Total Assets 3) Net Unencumbered Assets / Net Unsecured Indebtedness

* Excluding the NOK & HKD issuances

16 HIGHEST RATED IN GERMAN COMMERCIAL REAL ESTATE

Financial risk profile Financial policy: 1 2 3 4 5 6 Minim Modest Intermediate Significant Aggre High al ssive Levera ged Strive to achieve A global rating in the long term 1 aaa/ bbb- aa a+/a a- bbb Excellent aa+ /bb+

(Klepierre) (Aroundtown) (Vonovia- BBB+)2) 2 aa/ LTV limit at 45% a+/a (DW) bb+ bb Strong aa- A- BBB+ (GCP) BBB (Gecina A-)1)(Icade)(Covivio) 3 Debt to debt-plus-equity ratio at 45% (or lower) a/a- bbb+ BBB/BBB- bbb-/bb+ bb b+ Satisfactory (Alstria BBB)3) on a sustainable basis

4 bbb/ bbb- bb+ bb bb- b Fair bbb- Maintaining conservative financial ratios with 5 Business risk profile bb+ bb+ bb bb- b+ b/b- strong ICR Weak

bb- bb- bb- b+ b b- Vulnerable Unencumbered assets above 50% of total assets

1) Rating anchor of Gecina is BBB+, their final rating after the effect of modifiers is A- 2) Rating anchor of Vonovia is BBB, their final rating after the effect of modifiers is BBB+ 3) Rating anchor of alstria is BBB+, their final rating after the effect of modifiers is BBB Long debt maturity profile

Good mix of long term unsecured bonds & non- ‘BBB+’ Investment Grade rating from S&P recourse bank loans

Long-term S&P Dividend distribution of 65% of FFO I per share S&P S&P BBB+ target BBB BBB- Dec ‘17 A Dec ‘15 Jun ‘16

17 OPERATIONS AND PORTFOLIO

18 Berlin HIGHLY DIVERSIFIED OVERVIEW PROVIDES STABILITY

STRONG DIVERSIFICATION AMONG ASSET CLASSES The combined portfolio of AT and TLG provides additional strength and diversification WITH DIFFERENT FUNDAMENTAL DRIVERS ➢ Aroundtown is showing the highest asset type diversification among the commercial real estate

market. The largest asset type is office which together with the resilient German residential makes

up around 60% of the portfolio.

➢ The portfolio is focused on the strongest economies in Europe, Germany and the Netherlands, both

AAA rated countries

➢ Focus on central locations of top tier cities (Top 3 cities are Berlin, Munich, Frankfurt)

➢ Within each asset class, Aroundtown focuses on a very high tenant diversification, as well as

industry diversification of its tenants. Aroundtown has of over 4,000 tenants and the Top 10 tenants

make up only 20% of rent

➢ Focus on top tier locations which embeds potential for asset type conversion when market dynamics

shift

*Pro forma including TLG portfolio and proportion in GCP ➢ Most diverse and longest lease structure with a long WALT of 7.9 years including land for development & other rights 19 Munich DEFENSIVE PORTFOLIO WITH STRONG TENANT STRUCTURE

Large Tenant Base with over 4,000 tenants

➢ Limited dependency on single tenants due to large tenant base of over 4,000 tenants, further supported by highly granular German residential market ➢ Top 10 tenants represent only 20% of rent ➢ Long lease terms ➢ Portfolio WALT as of December 2019 (excl. TLG):

Logistics/ Office Hotel Wholesale Retail Total /Other

4.4 15.0 6.1 5.8 8.6 Incl TLG 7.9

The merger with TLG puts the combined company in a stronger landlord position in key cities such as Berlin due to larger footprint

20 Amsterdam HIGHLY DIVERSIFIED OFFICE PORTFOLIO

WELL LOCATED OFFICES IN TOP TIER CITIES MAINLY IN GERMANY ➢ Each of the top office locations has different key industries driving the business demand. AND NETHERLANDS (INCL. TLG) Therefore, AT’s tenants have strong presence in a diverse universe of key sectors.

➢ Highly diversified and thus low dependency in terms of ➢ Locations (Top 3 cities are Berlin, Frankfurt, Munich) ➢ Strong tenants from various different industries ➢ Very diversified industry sectors. Top industries are Governmental, Insurance & Banking, IT, Health Care, Energy, Infrastructure, Telecommunications, Professional services ➢ Insignificant amount of office tenants with high sensitivity to the COVID- 19 outcomes, such as air travel, oil and tourism ➢ Diverse tenant base with strong top tenants, such as German and Dutch Government, Deutsche Bundesbank, Siemens, Deutsche Bahn, Orange, Allianz etc. ➢ Diversified lease structure with long WALT of 4.5 years

21 Cologne HOTEL PORTFOLIO

WELL DISTRIBUTED HOTEL PORTFOLIO ACROSS EUROPE WITH A FOCUS ON THE 4 STAR CATEGORY (INCL. TLG) ➢ Hotel portfolio consisting of 24% of the total portfolio

➢ Portfolio including 177 hotels well distributed mainly in top tier cities in Europe

➢ The rental agreements are double or triple net, fixed plus CPI linked. The lease

agreements are fixed and have no variable element or links to operational results of the

hotel. Lease periods are long-term (up to 25 years). WALT of hotels is 14.8 years

➢ Lease agreements include set of strong securities, ranging from bank guarantee, parent

guarantee, pledge over bank accounts, pledge over FF&E, and more

➢ 84% of the hotels are branded 4 star hotels, benefiting from the largest diverse market

segment, including business and leisure – which is expected to recover fastest

➢ Options to convert hotels to micro apartments in case of long term travel shut down

22 London TENANTS AND BRANDS

Fixed of 10-25 years (WALT of 15 years incl. TLG) leases to over 30 different strong third party hotel operators, operating with high profitability for many years Hilton group Marriott group Wyndham Brands

Radisson brands IHG brand Accor group

No dependency on any single tenant No single tenant with more than 5% of the group’s rental income 23 Paris STRATEGIC TOP TIER HOTELS IN STRONG LOCATIONS

Hotel Rooms Brand

Hilton Berlin Gendarmenmarkt Prime Center 601

Bristol Berlin Ku’damm Prime Center (ex-Kempinski) 301

InterContinental Frankfurt Prime Center 473

Hilton London Hyde Park Prime Center 132

Marriott Conference Hotel Paris City Center 757

Hotel Rooms Brand Hotel Rooms Brand

Crowne Plaza Berlin Prime Center Potsdamer Platz 256 Mark Apart Berlin Prime Center Ku’damm 120

Die Welle H-Hotels Berlin Alexanderplatz 624 Motel One Zwinger-Forum Dresden Prime Center 288

Novum Winters Berlin Checkpoint Charlie 170 InterCity Hotel Dresden City Center 162

Steigenberger Hotel de Saxe Dresden Prime Center 185 Marriott Hotel Leipzig Prime Center 239

AC by Marriott Berlin Mitte 130 Schlosshotel Grunewald Charlottenburg Berlin 54

Moxy by Marriott Berlin Mitte 101 Radison Blu Prime Center Baden-Baden 162

Davos Promenade Hotel 100 Mercure Munich Conference Center Messe 167

Ex-Sheraton Brussels Prime Center 533 Ibis Munich Conference Center Messe 137

Sheraton Rome 640 Center Parcs (7 locations) ca.5,000

Hilton London Chelsea 172 Berlin Prime Center Mitte Rosa-Luxemburg-Platz 95

Hilton Edinburgh Royal Mall Prime Center 211 Seminaris Campus Hotel Berlin 186

Hilton Dublin Prime Center 324 Wyndham Garden Düsseldorf Prime Center Königsallee 82

Resorthotel Schwielowsee Berlin- Potsdam 155 Hotel Im Wasserturm Cologne Prime Center 88

DoubleTree by Hilton London Center Angel/King’s-Cross 373 Ibis Berlin Alexanderplatz 61

Hyatt Regency Paris Airport Charles de Gaulle 388 Melia Munich Hotel Munich Messe 134

Berlin Holiday Inn City East 473 Penta Hotels (17 locations) ca. 2,500

Essen Holiday Inn Prime City Center 168 Mercure Liverpool Prime Center Hotel 225

Sheraton Hotel Hannover Business District 147 Berlin - Müggelsee 176

NH Hotel Dortmund Prime Center 190 Manchester City Center Hotel 228 24 Steigenberger Hotel Cologne Prime Center 305 Frankfurt FURTHER DIVERSIFICATION THROUGH ADDITIONAL ASSET TYPES

ADDITIONAL ASSET CLASSES INCLUDE RESIDENTIAL, RETAIL, WHOLESALE AND LOGISTICS

➢ 12% of the portfolio (through GCP) includes affordable residential properties, mainly in Germany, considered the most resilient real estate asset type in Europe ➢ No material direct impact from COVID 19 on the underlying business operations ➢ This segment is very resilient in the current market disruption

➢ Limited exposure to retail properties, which comprises only 10% of the total portfolio ➢ Largest retail portfolio is focused on food-anchored properties catering strong stable demand from local residential neighbourhoods. Food anchored properties are mainly long-leased retail boxes in locations with limited competition, such as EDEKA, NETTO, REWE, PENNY, LIDL and Kaufland ➢ This segment is resilient in the current market disruption

➢ Logistic and wholesale portfolio consist of 7% of the total portfolio. This segment includes mainly last mile wholesale and logistic properties which are well located for these purposes. This segment is very resilient in the current market disruption.

25 Cologne UNCERTAINTY ACROSS SECTORS - AROUNDTOWN IS WELL- POSITIONED FOR A FAST RECOVERY

Preparedness Liquidity Prospect

The Corona Virus pandemic has created unprecedented uncertainty and market AT’s current massive cash balance of €2.8 It is impossible to predict the impact of the turbulence with unknown consequences. AT billion, highest among peers, position the virus on the market in general, and on AT in has prepared itself well to manage these company extremely well to contain and limit particular, but the management believes stress situations, through building a resilient the impact on company’s balance sheet on that these uncertain times will also include capital structure and a diversified portfolio one hand, and enable AT to pursue opportunities for the Company in terms of locations, assets types and opportunities on the other tenant dependency

THREAT OPPORTUNITY RECOVERY

Market shut-down will not enable tenants, Liquidity will become vital more than Once any market shut-downs and especially in the hotel sector, to continue ever. Companies which will have less restrictions are lifted, recovery is their operations in full capacity. Those liquidity and will not be able to meet expected to be strong and fast. tenants are expected to contain a short their obligations will come under a lot of “Bounce-backability” will be key for term shut down, but a longer shutdown pressure. AT’s liquidity position, in recovery, especially in hotels, and AT’s will have an impact on most companies combination with its wide deal sourcing diversification in terms of asset types and tenants. The threat in this scenario is network and fast deal execution track and focus across top tier cities in that those tenants heavily impacted by record, has a unique competitive Europe, is expected to experience this the pandemic will not meet their advantage and may lead to new recovery at an earlier stage contractual obligations to pay their rents acquisition and M&A opportunities 26 Berlin 2020 WITH INCREASED FFO, MAY BE OFFSET BY MARKET UNCERTAINTY

February 2020 Run Rate increase in In € million, pro forma including TLG FY 2019 (Contractual)* % ➢ Based on February 2020 run rate snap shot, excluding any effects Office net rent 505 Hotel net rent 326 from acquisitions, cost savings, cost optimization, and any like Retail net rent 142 Logistics/Wholesale/Others net rent 77 for like growth, the total FFO I amounts to €625 million, Total net rent 1,050

FFO margin 55% increasing by 24% compared to 2019 FFO I commercial portfolio, before minorities 578 Contribution to minorities** (56) FFO I commercial portfolio, recurring long-term 522 ➢ Aroundtown will publish guidance for 2020, including the impact

Adjustment for GCP’s and other investments’ FFO I of the virus, when there will be more clarity on the situation 103 contribution

FFO I 625 503 24% ➢ Uncollected rents due to the pandemic are not included in FFO I per share (in €) 0.46 0.43 7% February 2020 run rate, will have a one time negative effect on Perpetual notes contribution (99) the results

FFO I after perpetual notes attribution 526 446 18% ➢ FFO I per share after perpetual notes attribution (in €) 0.39 0.38 3% Diversification across locations, asset type and tenants, remains

# of shares 1,352 key to lowering the impact of the pandemic on AT’s results and

*This calculation is a snapshot as of February 2020 and is not a guidance will accelerate the recovery **including ongoing contribution to minorities as well as minorities related to TLG FFO

27 Frankfurt APPENDIX

28 COMMERCIAL INVESTMENT PROPERTIES (EXCLUDING TLG)

Portfolio breakdown per asset type* Investment Lettable area Annualized DECEMBER 2019 EPRA Vacancy In-place rent/sqm (€) Value/sqm (€) Rental Yield property (€m) (m sqm) net rent (€m) Office 8,675 3,307 11.0% 389 10.4 2,624 4.5% Hotel 5,949 1,848 3.7% 311 14.4 3,219 5.2% Logistics/Wholesale/Other 1,311 1,401 5.5% 73 4.6 935 5.6% Retail 1,015 410 9.1% 50 10.3 2,472 4.9% Land for development & other rights 1,177 Total 18,127 6,966 7.7% 823 10.3 2,433 4.9%

Portfolio breakdown per region* Investment Lettable area Annualized DECEMBER 2019 EPRA Vacancy In-place rent/sqm (€) Value/sqm (€) Rental Yield property (€m) (m sqm) net rent (€m) Berlin 2,874 850 5.8% 109 11.3 3,382 3.8% NRW 1,909 1,133 7.4% 104 7.7 1,685 5.4% Munich 1,753 610 9.7% 57 7.9 2,876 3.2% Frankfurt 1,410 462 19.5% 50 10.8 3,048 3.6% Amsterdam 740 192 4.2% 34 14.3 3,851 4.6% London 647 88 7.3% 28 29.6 7,315 4.3% Hamburg/LH 568 284 3.7% 32 9.4 1,999 5.6% Dresden/Leipzig/Halle 482 242 6.6% 27 9.9 1,994 5.6% Wiesbaden/Mainz/Mannheim 437 189 5.7% 26 11.7 2,310 6.0% Hannover 414 275 10.5% 24 8.3 1,506 5.8% Stuttgart/BB 374 162 3.7% 21 11.1 2,311 5.7% Utrecht 326 123 10.3% 17 11.0 2,652 5.1% Rotterdam 322 132 4.2% 22 13.3 2,439 6.8% Other 4,694 2,224 7.1% 272 10.8 2,111 5.8% Land for development & other rights 1,177 Total 18,127 6,966 7.7% 823 10.3 2,433 4.9% * figures exclude assets held for sale 29 BEST IN CLASS BERLIN PORTFOLIO - DEC 2019 (EXCLUDING TLG)

➢ 90% of the commercial portfolio is located in top tier neighborhoods 90% • Charlottenburg, Wilmersdorf, Mitte, Kreuzberg, Friedrichshain, Top Tier Lichtenberg, Schöneberg, Neukölln, Steglitz and Potsdam • Strongly benefiting from the unique dynamics & growth of Berlin’s most in demand neighborhoods, business areas & tourist centers ➢ 10% of the commercial portfolio is well located primarily in Spandau, Reinickendorf, Hellersdorf/Marzahn & Treptow/Köpenick

* map representing approx. 95% of the portfolio and 99% including central Potsdam

Mitte Potsdamer Platz

Mitte Alexanderplatz Ku’Damm 30 COMMERCIAL PORTFOLIO: UPSIDE POTENTIAL (EXCLUDING TLG)

Commercial in-place rent compared to market rent prices Commercial December annualized rental income vs. Market potential including vacancy reduction (in €m)

+33% 1,095

below market 18% rent 823 82% at market rent

Dec 2019 annualized Annualized market potential

➢ Large upside potential from rent increases to market levels with very limited downside risk

➢ Long lease terms with a WALT of 8.6 years. (7.9 including TLG)

➢ Value upside: conservative valuations with current values at less than half of replacement costs

31 EQUITY ANALYST RESEARCH COVERAGE

Analyst Research Target Price 11.00 10.81

10.00 10.00 9.80 9.70 9.50 9.50 9.25 8.90 8.80 8.80 8.50 8.40 8.40 8.40 8.30 8.30 7.40

HSBC Citigroup First Berlin Jefferies Commerzbank JP Morgan SRC Research Hauck & Baader Bank Bankhaus Lampe M.M. Warburg Kepler Goldman Sachs Oddo BHF Nord LB Barclays Deutsche Bank UBS Berenberg 13.01.2020 29.01.2020 19.03.2020 18.03.2020 18.03.2020 21.02.2020 24.03.2020 Aufhäuser 18.12.2019 27.11.2019 19.11.2019 Cheuvreux 16.09.2019 19.11.2019 06.12.2019 04.12.2019 02.09.2019 18.03.2020 24.03.2020 29.11.2019 21.01.2020

Analyst Coverage -MSCI ACWI Key Index Inclusions -Global Developed -MSCI World -Europe Developed -MSCI Germany -Eurozone -Germany FTSE DAX FTSE 50 ESG MDAX MSCI EPRA/ Eurofirst NAREIT 300

S&P STOXX GPR GPR GPR IPCM LFFS 350 600 ESG+ 250 Sustainable GRES

32 AROUNDTOWN‘S SHARE PRICE PERFORMANCE

Aroundtown +54% 9.0 Share performance and total return since initial placement of capital (13.7.2015) Aroundtown is the best performer in 2017/2018 amongst European real Estate 8.0

7.0

6.0 EPRA Germany (rebased) +59%

5.0 Issue price of €3.20 MDAX (rebased) +1% 4.0

3.0 Stoxx 600 (rebased) +2% 2.0 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18 Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20 Mar-20

The Share Shareholder Structure Share Issue Price Development €7.2 €6.0 €6.4 Frankfurt Stock Exchange €5.3 Placement €4.1 €4.6 (Prime Standard) €3.2 €3.2 €606m €601m Free float €450m Incorporation Luxembourg €389m €426m 78.4% €320m €267m €300m 13.07.2015 First equity issuance Jul 2015 Apr 2015 Convertible Apr 2016 May 2017 Dec 2017 Convertible Oct 2017 Mar 2018 Jul 2019 (€3.2 per share) (converted in 2017 & (fully converted in 2018) 2018)

Number of shares (basic) 1,536,397,797

Spread over mid-€-swap for straight bonds D-E-F Number of shares (basic), 16-06-16: S&P rating upgrade to 'BBB' 07-12-17: S&P rating upgrade to 'BBB+' Series D maturity: 2.1 years excluding suspended voting 1,352,461,660 Series E maturity: 4.3 years Shares held in 2.8% Series F maturity: 3 years rights Series D issued at 2.1% spread treasury* 2.4% Series E issued at 2.0% spread Series F issued at 2.0% spread 12% 2.0% Free float 78.4% 1.6%

1.2% Symbol (Xetra) AT1 of which Blackrock Inc. Avisco Group 0.8% Current Spread Series E: 1.8% Current Spread Series F: 1.4% 9.6% 0.4% €6.8 bn 5.1% Current Spread Series D: 1.0% Market cap 25.03.2020 0.0% (€4.4 share price) Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 *held through TLG Immobilien AG, voting rights suspended 33 CAPITAL MARKET ACTIVITY

Capital market activity per year Capital market activity per issuance type 2015-2020 YTD

€4.6bn €4.2bn €4.2bn Str. Bond €10bn €2.6bn Conv. €1.2bn Bond €0.8bn €0.2bn Equity €3.4bn €2.6bn €0.2bn 2015 2016 2017 2018 2019 2020 YTD Equity Perpetual Conv. Bond Equity (incl. Conversions) Perpetual notes Mandatory conv. Notes Str. Bond Mandatory conv. Notes Total

✓ AT has been the largest listed European RE capital market issuer in Equity and Bond Bookrunners 2016 and 2017. That strong momentum was continued in 2018, and in 2019

✓ Issuances via different instruments and different currencies, with currency hedges to Euro in place, demonstrate AT’s broad and diverse investor base as well as strong demand to AT’s instruments. These not only provide diversification of the investor base but also eliminate dependency on any single markets, instruments or currencies. Currency risk is hedged through swap agreements to Euro. Majority of the issuances were under EMTN programme which facilitates this diversity and flexibility

34 MANAGEMENT TEAM

SHMUEL MAYO - CEO OF AROUNDTOWN SINCE 2006 IN THE MANAGEMENT OF AROUNDTOWN AND ITS SUBSIDIARIES. PREVIOUSLY, WAS THE CEO OF A LEADING INTERNATIONAL INVESTMENT CONGLOMERATE. BA IN ECONOMICS AND ACCOUNTING, LAW AND CPA

ANDREW WALLIS - DEPUTY CEO OF AROUNDTOWN SINCE 2014 IN THE MANAGEMENT OF AROUNDTOWN AND ITS SUBSIDIARIES. FORMER OWNER AND CEO OF A LARGE GERMAN PROPERTY MANAGEMENT COMPANY. PREVIOUSLY HE SPENT 10 YEARS AS AN INVESTMENT BANKER IN THE CITY OF LONDON FOR MERRILL LYNCH AND JP MORGAN. MBA AND CFA

EYAL BEN DAVID - CFO OF AROUNDTOWN SINCE 2008 IN THE MANAGEMENT OF AROUNDTOWN AND ITS SUBSIDIARIES. PREVIOUSLY, HELD A PRIVATE PRACTICE OF CERTIFIED PUBLIC ACCOUNTANTS FOCUSED ON INFRASTRUCTURE AND REAL ESTATE INDUSTRIES. SINCE 2008 IN THE MANAGEMENT OF AROUNDTOWN. MBA AND CPA

35 BOARD OF DIRECTORS

FRANK ROSEEN - DIRECTOR MARKUS LEININGER- INDEPENDENT DIRECTOR FORMER SENIOR BANKER WITH A FOCUS ON FINANCING, PRIVATE EQUITY AND REAL ESTATE. HIGHLY EXPERIENCED WITH A TRACK RECORD OF 30 YEARS. HELD VARIOUS SENIOR MANAGEMENT SERVED AS HEAD OF OPERATIONS WITH EUROHYPO AG AND RHEINHYP AG (COMMERZBANK) AND POSITIONS, INCLUDING, CEO OF GERMANY & CENTRAL EASTERN EUROPE OF GE CAPITAL AND REAL A MEMBER OF THE ADVISORY BOARD AND INVESTMENT COMMITTEE OF REVETAS CAPITAL ESTATE. MBA ADVISORS. DIPLOMA IN B.A.

OSCHRIE MASSATSCHI- DIRECTOR SIMONE RUNGE-BRANDNER - INDEPENDENT DIRECTOR HER PAST POSITIONS INCLUDE DEAL MANAGER (DIRECTOR) AT UBS DEUTSCHLAND AG, VICE SINCE 2013 IN THE MANAGEMENT OF AROUNDTOWN AND ITS SUBSIDIARIES. INTERNATIONAL PRESIDENT REAL ESTATE FINANCE/ INVESTMENT FUNDS, CREDIT MANAGER AT DEKABANK PROFESSIONAL EXPERIENCE IN BANKING, MANAGEMENT CONSULTANCY AND CORPORATE FRANKFURT AND CREDIT MANAGER REAL ESTATE FINANCE AT HELABA FRANKFURT. DIPLOMA IN FINANCE IN AUSTRALIA, UK AND GERMANY. BA HONOURS IN INTERNATIONAL BUSINESS INTERNATIONAL BUSINESS ADMINISTRATION

JELENA AFXENTIOU – DIRECTOR MARKUS KREUTER - INDEPENDENT DIRECTOR SPECIALIZED IN REAL ESTATE DEBT ADVISORY THROUGH HIS OVER 18 YEARS OF EXPERIENCE IN SINCE 2011 IN THE MANAGEMENT OF AROUNDTOWN AND ITS SUBSIDIARIES AND HAS 20 YEAR OF AMONG OTHERS NATIONAL DIRECTOR DEBT ADVISORY AT JLL, HEAD OF GERMAN COMMERCIAL EXPERIENCE IN THE REAL ESTATE AND THE HOTEL BUSINESS, SPECIALIZING IN FINANCE AND REAL ESTATE LENDING AT DEUTSCHE BANK, GROUP HEAD OF DEBT FUNDING AT CA IMMO. ACCOUNTING. DEGREE IN REAL ESTATE ECONOMICS

RAN LAUFER - NON-EXECUTIVE DIRECTOR THE AUDIT COMMITTEE CONSISTS OF THE INDEPENDENT DIRECTORS, FORMER POSITIONS INCLUDE CEO OF ADO PROPERTIES, DEPUTY CEO OF GRAND CITY PROPERTIES MR. MARKUS KREUTER (CHAIRMAN) AND MR. MARKUS LEININGER S.A. AND CHIEF OFFICER OF MARKETING AND SALES OF AIRPORT CITY LTD. MBA

ADVISORY BOARD

DR. GERHARD CROMME - CHAIRMAN OF THE ADVISORY BOARD DR. CROMME HAS A LONG AND IMPRESSIVE TRACK RECORD WITH TOP POSITIONS IN GERMANY’S BLUE CHIP COMPANIES, INCLUDING CHAIRMAN OF THE SUPERVISORY BOARD OF SIEMENS, CHAIRMAN OF THE EXECUTIVE BOARD AND CHAIRMAN OF THE SUPERVISORY BOARD OF CLAUDIO JARCZYK- ADVISORY BOARD MEMBER THYSSENKRUPP, AS WELL AS MEMBERSHIP ON THE SUPERVISORY BOARDS OF OTHER LEADING JOINED THE GROUP’S ADVISORY BOARD SINCE 2013. SERVED AS AN EXECUTIVE DIRECTOR AT BERLINHYP COMPANIES SUCH AS VOLKSWAGEN, LUFTHANSA, ALLIANZ, BNP PARIBAS, E.ON AND AXEL BANK SPECIALIZING IN REAL ESTATE FINANCING WITH A FOCUS ON INTERNATIONAL CLIENTS, AS A CHIEF SPRINGER AND CURRENTLY CO-CHAIRMAN OF THE SUPERVISORY BOARD OF ODDO BHF GROUP. IN INTERNATIONAL EXECUTIVE AT LANDESBANK BERLIN AND AS AN INTERNATIONAL DIVISION-DEPARTMENT ADDITION, DR. CROMME HOLDS THE GERMAN DISTINCTION COMMANDER'S CROSS OF THE ORDER MANAGER AT BAYERISCHE VEREINSBANK MUNICH. DIPL.KFM. / MBA OF MERIT AND THE FRENCH DISTINCTION GRAND OFFICER OF THE LEGION OF HONOR.

YAKIR GABAY - ADVISORY BOARD DAVID MAIMON- ADVISORY BOARD MEMBER DEPUTY CHAIRMAN FOUNDER OF THE GROUP IN 2004. WAS PREVIOUSLY THE CHAIRMAN & MANAGING MR. MAIMON WAS THE PRESIDENT AND CEO OF EL AL AIRLINES. PRIOR, MR. MAIMON WAS EVP OF PARTNER OF AN INVESTMENT COMPANY WHICH MANAGED OVER $30 BILLION OF ASSETS, AND BEFORE CUSTOMER SERVICE, COMMERCE & INDUSTRY AFFAIRS SALES & MARKETING IN EL AL AIRLINES AND THAT THE CEO OF THE INVESTMENT BANKING OF BANK LEUMI. MBA, BA IN ACCOUNTING/ECONOMICS, SERVED AS A DIRECTOR IN VARIOUS COMMERCIAL COMPANIES SUCH AS LEUMI GEMEL LTD, HEVER AND AND CPA SUN D'OR INTERNATIONAL AIRLINES. MBA 36 OPERATIONAL MANAGEMENT TEAM

MARKUS NEURAUTER - HEAD OF COMMERCIAL OPERATIONS GUIDO PÜTZ - SENIOR ASSET MANAGER BEFORE JOINING THE GROUP HE WAS A BOARD MEMBER OF STRABAG AG AND CEO OF RAIFFEISEN ORIGINALLY TRAINED AT HOCHTIEF AG, GUIDO HAS SPENT THE LAST 15 YEARS STEERING REAL EVOLUTION, RESPONSIBLE FOR PROJECT DEVELOPMENT IN 11 EUROPEAN COUNTRIES WITH A ESTATE OF ALL ASSET TYPES FOR BIG PLAYERS IN THE MARKET SUCH AS HUDSON ADVISORS, DEVELOPMENT VOLUME OF MORE THAN €2BN. MR. NEURAUTER COVERS MORE THAN 30 YEARS CUSHMAN & WAKEFIELD AND CATELLA. MBA OF EXPERIENCE IN REAL ESTATE. MASTERS DEGREE IN ECONOMICS

NIKOLAI WALTER- HEAD OF ASSET & PROPERTY MANAGEMENT NORMAN LINDNER - HEAD OF INDUSTRIAL & LOGISTICS DIVISION 20 YEARS’ EXPERIENCE IN THE REAL ESTATE INDUSTRY. BEFORE JOINING THE GROUP, WAS A ORIGINALLY TRAINED AS A BANKER, NORMAN SPENT TWO YEARS IN RISK MANAGEMENT BEFORE MANAGING DIRECTOR OF FORTRESS INVESTMENT GROUP, RESPONSIBLE FOR THE ASSET GOING INTO CONTROLLING, FINANCE AND ACCOUNTING AS AN ASSET MANAGER. HE GAINED HIS MANAGEMENT OF THE GERMAN COMMERCIAL WITH A MARKET VALUE OF € 5.6 BN. ALSO HELD EXPERIENCE AT HABACKER HOLDING, DAWNAY DAY PROPERTY INVESTMENT AND IKB DEUTSCHE POSITIONS AT DEUTSCHE BANK GROUP INCLUDING HEAD OF ASSET MANAGEMENT GERMANY AT INDUSTRIEBANK. MBA DEUTSCHE ASSET AND WEALTH MANAGEMENT. MBA AND DEGREE IN REAL ESTATE ECONOMICS

MILAN ARANDELOVIC - COO OF HOTEL DIVISION CHRISTIAN HUPFER - CHIEF COMPLIANCE OFFICER MR ARANDELOVIC HAS 25 YEARS OF EXPERIENCE IN THE INTERNATIONAL HOSPITALITY SECTOR; SINCE 2008 IN THE MANAGEMENT OF AROUNDTOWN AND ITS SUBSIDIARIES. IS SPECIALIZED IN BEFORE JOINING THE GROUP, HE HELD REGIONAL ROLES WITHIN HILTON IN EUROPE. IN THIS ROLE TAX STRUCTURING, FINANCIAL STATEMENT AND CASH FLOW ANALYSIS. MR. HUPFER WORKED FOR HE OPERATED HOTELS FROM BUDGET SECTOR TO LUXURY. MR. ARANDELOVIC HOLDS A BACHELOR RÖVERBRÖNNER KG STEUERBERATUNGS UND WIRTSCHAFTSPRÜFUNGSGESELLSCHAFT IN THE FROM THE RENOWNED ECOLE HOTELIERE DE LAUSANNE AND AN MSC OF STRATHCLYDE AUDIT AND TAX DEPARTMENT. DIPLOMA OF ECONOMICS WITH A FOCUS ON TAX AND FINANCIAL UNIVERSITY. AUDITING

BRIGITTE SCHMITT - HEAD OF SHOPPING MALL DIVISION BEFORE JOINING THE GROUP MRS. SCHMITT HAS BEEN 12 YEARS WITH ECE - EUROPEAN MARKET IDAN KAPLAN - SENIOR FINANCIAL MANAGER LEADER FOR SHOPPING CENTERS AND WITH DTZ WHERE HER TEAM WAS TWICE AWARDED THE BEFORE JOINING AROUNDTOWN, MR. KAPLAN SERVED AS AN AUDITOR IN AN ACCOUNTING FIRM. CEE PROPERTY MANAGEMENT TEAM OF THE YEAR AWARD. DEGREE IN BUSINESS MANAGEMENT BA IN ACCOUNTING AND BUSINESS ADMINISTRATION AND ADMINISTRATION - FROM THE UNIVERSITY OF WÜRZBURG.

ALFRED KANDL - HEAD OF CONSTRUCTION MANAGEMENT SYLVIE LAGIES - HEAD OF ESG MR KANDL HAS 35 YEARS OF EXPERIENCE IN THE REAL ESTATE AND BUILDING INDUSTRY. HE HELD POSITIONS AS HOTEL GENERAL MANAGER, CORPORATE PROJECT MANAGER AND HEAD OF WORKED IN STRABAG AG, ONE OF AUSTRIA‘S LEADING BUILDING COMPANIES, AND FURTHER TRAINING AND DEVELOPMENT. FORMER ROLES WERE HEAD OF FRANCHISE DEVELOPMENT AND WORKED IN CONTROLLING POSITIONS AT LARGE CONSTRUCTION SITES ALL OVER AUSTRIA AND TRAINING FOR DOMINO’S PIZZA GERMANY, DIRECTOR OF BUSINESS DEVELOPMENT FOR PRECISE CENTRAL AND EASTERN EUROPE. FROM 2003 WORKED AS HEAD OF CONSTRUCTION AT RAIFFEISEN HOTEL COLLECTION IN GERMANY EVOLUTION. DEGREE IN ENGINEERING

JELENA EBNER - HEAD OF TRANSACTION MANAGEMENT MS. EBNER WORKED FOR HUDSON ADVISORS AND LATER AT DUNDEE INTERNATIONAL AS AN ASSET MANAGER. COMING FROM A PROPERTY MANAGEMENT BACKGROUND, JELENA HAS EXPERIENCE IN ALL ASSET TYPES. BA AND TRAINING AS REAL ESTATE MANAGER 37 BERLIN POTSDAMER PLATZ: THE PRIME COMMERCIAL AND TOURIST CENTER

landmark

Potsdamer Potsdamer property Platz Platz Office Crowne Plaza Office Potsdamer Platz Hotel

Checkpoint Charlie Potsdamer Platz Hotel Office Potsdamer Platz Checkpoint Residential (GCP) Potsdamer Charlie Checkpoint Charlie Platz Office Office Office

Gendarmenmarkt Office Gendarmenmarkt Gendarmenmarkt Office Retail

Hilton Gendarmenmarkt Gendarmenmarkt Hotel Office

Gendarmenmarkt

38 BERLIN ALEXANDERPLATZ: THE PRIME COMMERCIAL AND TOURIST CENTER

Berlin Mitte Berlin Mitte Berlin Prime Center Mitte landmark Residential Residential (GCP) Hotel Prenzlauer Berg Greifswalder str. (GCP) Berlin Mitte Alexanderplatz property Mixed-use campus Retail Residential (GCP) Office Berlin Mitte Moxy by Residential Marriott Berlin (GCP) Mitte Hotel Alexanderplatz Office & Hotel Berlin Mitte Prenzlauer Berg Residential Alexanderplatz (GCP) Alexanderplatz Retail Office Alexanderplatz Ibis AC by Marriott Alexanderplatz Hotel Berlin Mitte Hotel Mixed-use Alexanderplatz Office Alexanderplatz Alexanderplatz Retail Berlin Cathedral

Köpenickerstraße Köpenickerstraße Residential (GCP) Office

Annenstraße Retail

39 BERLIN KU’DAMM: THE PRIME COMMERCIAL AND TOURIST CENTER

Berlin Mitte City landmark Berlin City Center Center Retail Mitte Potsdamer Platz Ku’Damm Office AC by Marriot property Berlin Mitte Hotel KaDeWe Moxy by Marriot Berlin City Center Ku’Damm Residential Berlin Mitte Hotel Mitte KaDeWe Office (GCP) Office Ku’damm /Uhlandstr. Berlin Berlin City Berlin Office Tiergarten Tiergarten Center Mitte Ku’Damm Mark Ku’Damm Office Hotel Office Campus Bristol Berlin Apart Office Campus Berlin Center Ku’Damm Hotel Berlin Center Charlottenburg Hotel Charlottenburg Residential (GCP) Ku’Damm / Office Lietzenburger Str. Kurfürstendamm Residential (GCP) (Ku’Damm) Ku’Damm/Meineke Str. Residential (GCP) Ku’Damm – Adenauerplatz Ku’Damm – Adenauerplatz Residential (GCP) Office

Ku’Damm – Adenauerplatz Office

40 FRANKFURT: QUALITY ASSETS IN CENTRAL LOCATIONS

landmark Frankfurt Stadtmitte Office property

InterContinental Frankfurt Hotel

Frankfurt Office Campus Frankfurt HBF Offices Offices

Frankfurt Hauptbahnhof (Central Train Frankfurt Deutsche Bahn Station) Office

Frankfurt HBF Office Frankfurt Frankfurt Büro Center (FBC) Office

Frankfurt HBF Office

41 DEVELOPMENT/BUILDING RIGHTS: PRIME CENTER BERLIN ALEXANDERPLATZ

PROPERTY DESCRIPTION MARKET DEMAND VALUE EXTRACTION POTENTIAL

➢ TLG’s office building on Berlin’s Alexanderplatz covers 55k ➢ The asset’s district “Mitte” is Berlin’s top office district ➢ Development plans include three new buildings, including sqm with the highest rents in the city1). Average office rents in two high-rise towers, covering a total gross area of ➢ The primary building is a large office building situated on Alexanderplatz reach up to €40/sqm (€27/sqm Berlin Ø)1) approx. 150k sqm Alexanderstraße 1,3,5, 10178 Berlin, built in 1969 ➢ Demand is the highest for modern office space with ➢ Current plans entail a mixed-use development of most ➢ The second building is situated on Karl-Liebknecht-Str. 30, virtually zero vacancy in Mitte2). New supply comes with demanded asset types in order to fully extract the 10179 Berlin and consists of a low-rise high pre-letting ratio for any new developments, leaving potential of the space ➢ The asset is situated at Alexanderplatz, one of Berlin’s little or no availability after completion2) ➢ Aroundtown and TLG have properties which are adjacent prime centers ➢ Mitte is the largest hotel cluster of Berlin, more than half to each other. By combining these assets the positioning ➢ The Alexanderplatz station is a main transport hub of the branded hotels are located there3) with of the whole can be optimized further through higher connected by a wide range of U-bahn, S-bahn, trams and Alexanderplatz particularly in great demand4) amount of letting space, resulting in additional value buses ➢ Mitte is also the gravity center of Berlin’s residential creation while streamlining the cost structure market with the highest rents and prices in the city5) ➢ Selling prices can reach up to €13k/sqm for office space while construction costs are around €2k/sqm6)

Ibis Berlin Alexanderplatz

Berlin TV Tower

1) Angermann, Office Market Berlin Q4 2019 2) BNP Paribas Real Estate, Office Market Germany, 2020 3) Horwath HTL, Hotel Chains Market Germany: Snapshot Berlin, 2018 4) Deloitte, Berlin’s Hotel Market, 2016 5) Guthmann Estate, Market Report Berlin-Mitte, 2020 6) ZIA Deutschland, 2019; Destatis, 2020 42 DEVELOPMENT/BUILDING RIGHTS - HILTON BERLIN PRIME CENTER GENDARMENMARKT

PROPERTY DESCRIPTION MARKET DEMAND VALUE EXTRACTION POTENTIAL

➢ The 4 star Hilton Hotel is located in the heart of Berlin on ➢ The asset’s district “Mitte” is Berlin’s top office district ➢ Overground parking garage: Conversion of 18k sqm Gendarmenmarkt, a prime tourist, residential and with highest rents in the city1). Average office rents in parking space into prime office space and high-end mixed commercial center with historical & cultural landmarks Gendarmenmarkt range between €26-€36 per sqm1) use of residential condos which can be integrated into the and excellent connectivity & transportation options ➢ Demand is the highest for modern office space with hotel’s operational systems (short-term living) ➢ Only 1/3 of the space produces most of the rent. The huge virtually zero vacancy in Mitte2). New supply comes with ➢ Driveway & Lobby: The most prestigious side of the hotel lobby area, the long entry drive way facing the most high pre-letting ratio for any new developments, leaving facing Gendarmenmarkt is used as a long stretched expensive location in Berlin and overground parking little or no availability after completion2) driveway and huge lobby. Conversion into prime leisure garage are producing a fraction of the rent ➢ Mitte is the largest hotel cluster of Berlin, more than half retail/restaurants/services complementing the area’s use of the branded hotels are located there3) with as a destination for top culture, historic landmarks and Hilton Hotel Alexanderplatz particularly in great demand4) prime gastronomy, with millions of visitors in the ➢ Mitte is also the gravity center of Berlin’s residential Gendarmenmarkt square market with the highest rents and prices in the city5) ➢ Additional rooms from conversion: Unused and not producing public spaces to be converted to additional 70 hotel rooms. Potential additional new space on the roof and inner spaces to create additional 50-100 rooms. Total potential of additional rooms:120-170. Due to the top tier location, each converted and added lettable sqm will produce both high rent levels of €30-€50 per sqm and value per sqm of €12k to €15k

1) Angermann, Office Market Berlin Q4 2019 2) BNP Paribas Real Estate, Office Market Germany, 2020 3) Horwath HTL, Hotel Chains Market Germany: Snapshot Berlin, 2018 4) Deloitte, Berlin’s Hotel Market, 2016 5) Guthmann Estate, Market Report Berlin-Mitte, 2020 6) Winters & Hirsch Real Estate Database, 2019 43 DEVELOPMENT/BUILDING RIGHTS - BERLIN KREUZBERG/ALT-TREPTOW

PROPERTY DESCRIPTION MARKET DEMAND VALUE EXTRACTION POTENTIAL

➢ The cinema center holds 7k sqm & is located across the ➢ Located between Mediaspree and Adlershof Science Park, ➢ Conversion into an office building: Park Center retail/office center in a mixed use office, Alt-Treptow office market has a strong demand ➢ Development into a building with 26k lettable sqm with residential & touristic area of the district of ➢ Average office rents in Alt-Treptow can reach up to €27 mixed use of office and hotel/short-term let micro Treptow/Kreuzberg around the corner of the Treptowers per sqm1) apartments office towers. Strong connectivity is provided through its ➢ Achievable purchase/sale prices for office properties in inner city location with bus, S-bahn and highway the region can reach up to €7,000 per sqm2) ➢ Aroundtown acquired this property as part of the ➢ New development have a very high pre-letting ratio. More acquisition of the Park Center retail/office center across than half of new supply that is expected to be delivered in Treptowers the property the next 2 years are already pre-let3)

Treptower Park Cinema Center Am Treptower Park 14, 12435 Berlin

Park Center

1) Angermann, Office Market Berlin Q4 2019 2) JLL Database, 2020 3) BNP Paribas Real Estate, Office Market Germany, 2020 (data for refers to Mediaspree) 44 DEVELOPMENT/BUILDING RIGHTS - BERLIN TREPTOW-KÖPENICK – THE BREWERY PROJECT

PROPERTY DESCRIPTION MARKET DEMAND VALUE EXTRACTION POTENTIAL

➢ This office property is located in the Niederschöneweide ➢ Located between Treptower Park and Adlershof Science ➢ Conversion and development into mixed use urban quarter of Berlin’s Treptow-Köpenick borough, which is a Park, Niederschöneweide has a strong and further quarter mix-use area surrounded of commercial as well as a growing market environment ➢ The original use of the buildings have been for offices, residential space with the Treptower Park to the north and ➢ Average rents for both residential and commercial use in residential, warehouse and factory in the south the Berlin Adlershof Technology park, the the area are around €15/sqm1) ➢ Re-development potential of currently 41k sqm into largest science park in Germany, which is home to over ➢ Achievable purchase/sale prices for office properties in around 70k lettable sqm of office (conversion as well as 500 companies and to Berlin Humboldt University’s the region can reach up to €4,000 per sqm1) new built), micro/student apartments and retail while Faculty of Science. Due to its historic use as a former maintaining the special characteristics of the property brewery founded in 1882, the property has a special architecture appearance and its locations on the river banks of the river spree give this property unique characteristics

1) JLL Database, 2020 45 DEVELOPMENT/BUILDING RIGHTS - FRANKFURT MAIN CENTRAL TRAIN STATION

PROPERTY DESCRIPTION MARKET DEMAND VALUE EXTRACTION POTENTIAL

➢ The 22 storey office tower covers 21k sqm and is situated ➢ The office tower is located at the corner of ➢ Aroundtown recently acquired the office tower. The asset adjacent Frankfurt’s main central train station and thus is Bahnhofsviertel, Europaviertel and Banking District, three will be vacated this year to enable complete well connected by public transport as well as its location of the most exclusive office districts in Frankfurt. redevelopment just off Mainzer Landstraße, Frankfurt’s main inner city ➢ Achiveble average rents for the modern space in this area ➢ Capex for repositioning and renting at market rents: road, providing good access to the surrounding districts can reach up to €32/sqm1) ➢ Aroundtown will upgrade the building (façade, technical and the highway system. The area surrounding the ➢ New supply that is expected to be delivered to the market parameters, fit out etc.) to capture the rent reversion of property is a popular office location. within the next two years have 100% pre-letting ratio2) 400% ➢ Achievable selling prices can range between €10k/sqm to €14k/sqm1)3)

Main central train station Office Tower Hafenstraße 51 60327 Frankfurt

1) JLL Database, 2020 3) BNP Paribas Real Estate, Office Market Germany, 2020 (data for refers to Central Station) 3) ZIA Deutschland, 2019 46 REGIONAL MARKET OVERVIEW

Bremen Hamburg ◼ GDP growth1 : 3.3% ◼ GDP growth1 : 2.4% ◼ Migration balance2: 1.1% ◼ Migration balance2: 0.9% ◼ Population density3: 1,734 per km2 ◼ Population density3 : 2,397 per km2

Amsterdam Hannover ◼ GDP growth1 : 3.8% ◼ GDP growth1 (NI): 2.5% ◼ Migration balance2: 6.9% ◼ Migration balance2: 1.3% ◼ Population density3 : 5,111 per km2 ◼ Population density3 : 2,608 per km2

Utrecht Berlin ◼ GDP growth1 : 3.2% ◼ GDP growth1 : 3.1% ◼ Migration balance2: 2.6% ◼ Migration balance2: 1.2% ◼ Population density3 : 3,644per km2 ◼ Population density3 : 4,012 per km2

Rotterdam Dresden/Leipzig/Halle ◼ GDP growth1 : 3.3% ◼ GDP growth1 (SN): 1.4% ◼ Migration balance2: : 1.8% ◼ Migration balance2: 0.4%-1.4% ◼ Population density3 : 2,943 per km2 ◼ Population density3 : 1,666-1918 per km2

NRW Nuremberg/Fuerth 1) GDP Growth: 2017. Data from the respective ◼ GDP growth1: 1.7% ◼ GDP growth1 (BA):2.2% federal state is used in 2 2 ◼ Migration balance : 0.7% ◼ Migration balance : 1.2% case city data is not ◼ Population density3: 524 per km2 ◼ Population density (N)3 : 2,966 per km2 available – NL provisional inhabitants per figures sqkm (2013) Frankfurt Munich 2)Migration balance: Average annual ◼ GDP growth1 (HE): 2.2% ◼ GDP growth1 (BA): 2.2% migration balance 2013- 2 2 ◼ Migration balance : : 1.2% ◼ Migration balance : 1.2% 2016, domestic & foreign ◼ Population density3 : 2,966 per km2 ◼ Population density3 : 4,713 per km2 migration

3) Population density: Mannheim Stuttgart Residents per Sqk ◼ GDP growth1 (BW): 2.3% ◼ GDP growth1 (BW): 2.3% (2016/NL 2017) ◼ Migration balance2: 0.9% ◼ Migration balance2: : 1.0% ◼ Population density3 : 2,102 per km2 ◼ Population density3 : 3,029 per km2 47 GERMANY/NL – GROWING AND TOP TIER ECONOMIES

Real GDP per capita in 2009 – 2019 (in €)1) Strong trade balance for Germany and NL (in €bn, 2019)2) Netherlands, €41,990 250 223.6 Germany, €35,970 France, €33,360 200 United Kingdom, €32,960 EU (28 countries), €28,630 150 Italy, €26,860 Spain, €25,150 100 56.2 52.9 Czechia, €17,980 50 Slovakia, €15,890 Hungary, €13,180 0

-50 -33.6 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 -32.0 -59.3 EU (28 countries) Czechia Germany Spain France -100 Italy Hungary Netherlands Slovakia United Kingdom Germany Netherlands Italy Spain UK France Aroundtown’s competitive advantage starts with the regional focus. Aroundtown focuses on Germany and Netherlands, the strongest and most stable economies in Europe

Debt/GDP 2019 Q33) Budget Surplus (Deficit) as % of GDP – 2019 Q3 LTM3)

137.3%

130%

115% 1.6% 1.7% 97.9% 100.5% 100% -0.9% 84.2% 80.1% 85% -2.1% -2.1% 61.2% -2.8% 70% -3.3% 49.3% 55% Germany Netherlands EU UK Italy Spain France

40% Netherlands Germany EU UK Spain France Italy

1) Eurostat extracted on March 13, 2019, unadjusted 2) Tradingeconomics.com 3) Eurostat 48 GERMANY/NL – STRONG LABOR MARKET

Development of gross monthly wages Germany (in €)1) Unemployment rate Dec 20192) 4,250 18% 4,012 4,000 3,880 15% 13.9% 3,771 3,703 3,750 3,612 3,527 12% 3,449 9.8% 3,500 3,391 3,311 8.5% 9% 3,227 3,250 3,141

6% 3,000 3.8% 3.2% 3.2% 3% 2,750

2,500 0% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Q3 Germany Netherlands UK France Italy Spain

…which is further supported by a strong labor market with increasing wages

Unemployment rate Germany 2003 – Dec 20193) Unemployment rate Netherlands 2003 – Dec 20194) 43 12.00% 9Mn 12.% 11.% 42 11.00% 10.00% 10.% 41 9.% 9.00% 9Mn 40 8.00% 8.% 39 7.00% 7.% 6.00% 6.%

38 8Mn People in Millionsin People 5.% rate Unemployment

5.00% Employmentin Persons 37 4.% 4.00% 3.% 36 3.00% 8Mn 2.% 35 2.00%

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

2003 2003 2004 2004 2005 2005 2006 2006 2007 2007 2008 2008 2009 2009 2010 2010 2011 2011 2012 2012 2013 2013 2014 2014 2015 2015 2016 2016 2017 2017 2018 2018 2019 2019

Persons in employment Unemployment rate Seasonally adjusted Employed labour force Seasonally adjusted unemployment rate

1) destatis, industry and service sector, fulltime employment excluding bonuses 2) Tradingeconomics.com 3) destatis, monthly 4) CBS, national statistics office, monthly 49 GERMAN OFFICE MARKET - LOW SUPPLY AND STRONG DEMAND…

Office employment growth remains strong1) Continuously strong demand at low supply1)

Office workers in million persons Office space in million sqm Office space from 2008-2018 in % Office workers from 2008-2018 in % *In Top 7 2.6 85 35 locations 2.5 according to DZ 30 80 HYP: 2.4 Berlin, Munich, 2.3 25 Frankfurt, 75 Cologne, 2.2 20 Hamburg, 2.1 70 Düsseldorf, 15 2.0 Stuttgart 65 1.9 10 Regional 12 1.8 according to DZ 60 5 HYP: 1.7 Hannover, 1.6 55 0 Nuremberg, 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 Berlin Dusseldorf Frankfurt Hamburg Cologne Munich Stuttgart Top-7 Essen, Leipzig, Dresden, Bremen, Karlsruhe, Münster, Leading to increased office take-up1) Leading to increased office take-up1) Mannheim, Darmstadt, Office space take-up of all 19 locations in million sqm Take-up in per cent of the office space inventory Mainz and Top-7: office space take-up in % of the total office space Augsburg Regional-12: office space take-up in % of the total office space 2019 H1 7 5.0 7

6 6 4.5 2010 5 4.0 5

4 3.5 4

3 3.0 3

2 2.5 2

1 2.0 1

0 1.5 0 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 Berlin Dusseldorf Frankfurt Hamburg Cologne Munich Stuttgart Top-7

1) DZ HYP German Real Estate Market report – 2019/2020 - BulwienGesa, Scope, DZ BANK AG, own interpretation of the graphs 50 …LEAD TO INCREASING RENTS AND LOWER VACANCIES...

Putting upward pressure on rents1) Strong reductions in vacancy in top locations1)

Prime rent yoy in % Prime rents yoy in % *In Top 7 Berlin Dusseldorf Frankfurt Vacancy rate in % locations 8 Regional-12 Top-7 20 Hamburg Cologne Munich according to DZ 6 18 HYP: Stuttgart Berlin, Munich, 16 16 4 Frankfurt, 14 14 2010 Cologne, 2 12 Hamburg, 10 12 0 Düsseldorf, 8 10 Stuttgart -2 6 2020e 4 8 -4 Regional 12 2 6 according to DZ -6 0 4 HYP: -2 Hannover, -8 -4 2 Nuremberg, -6 0 Essen, Leipzig, 2011 2012 2013 2014 2015 2016 2017 2018 2019 Berlin Dusseldorf Frankfurt Hamburg Cologne Munich Stuttgart Top-7 Dresden, Strong economic fundamentals and high office employment drive up demand, whilst supply is lacking, reducing vacancies Bremen, Karlsruhe, Münster, prime rent 2018 in EUR per sqm prime rent 2008 to 2018 in % 52.3 Mannheim, 42.9 Darmstadt, Mainz and 30.0 29.1 26.6 29.4 Augsburg 25.0 23.4 22.4 22.7 18.2 20.9 20.8 20.0 20.0 14.6 12.9 10.0 8.1 4.0 4.8

39.5 33.5 37.2 27.5 30.9 22.0 22.0 25.5

13.0 13.0 13.0 13.2 13.5 13.9 14.2 14.3 14.5 15.0 15.0 15.3 16.2

Berlin

Top-7

Mainz

Essen

Leipzig

Munich

Reg-12

Bremen Franfurt

Münster

Cologne

Dresden Stuttgart

Hamburg

Augsburg Karlsruhe

Hannover

Darmstadt

Mannheim

Düsseldorf Numermberg

1) DZ HYP Main Regional Real Estate Markets in Germany 2019 – BulwienGesa, DZ BANK AG; DZ HYP German Real Estate Market report – 2019/2020 – BulwienGesa, own interpretation of the graphs 51 …MEANWHILE INVESTOR APPETITE REDUCES YIELDS

Low treasury yields and continued high demand, especially in office…1)

Bund yields fall to historic lows Investment volume in property market could also reach a Market share *In Top 7 high level in 2019 locations according to DZ 5 years 10 years 30 years Residential portfolios Commercial real estate 5 Office Retail Logistics HYP: 50 Berlin, Munich, 4 Frankfurt, 40 Cologne, 3 Hamburg, 55.5 30 Düsseldorf, 2 57.2 60.6 Stuttgart 53.3 52.5 39.9 20 1 30.5 25.0 Regional 12 23.0 10 according to DZ 0 21.1 19.1 23.5 10.1 13.7 15.6 15.1 HYP: 12.0 6.0 11.0 12.8 13.2 -1 4.8 3.3 3.8 0 Hannover,

Nuremberg,

2013 2007 2008 2009 2010 2011 2012 2014 2015 2016 2017 2018

2019 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

19H1

2014 2008 2009 2010 2011 2012 2013 2015 2016 2017 2018 2007 Essen, Leipzig, 2019e Dresden, Strong economic fundamentals and high office employment drive up demand, whilst supply is lacking, reducing vacancies Bremen, Karlsruhe, Münster, …put considerable pressure on office yields, especially in central Top 7 Locations1) Mannheim, Darmstadt, Mainz and Net initial yield in central office locations in % Net initial yield in central office locations in % Augsburg Berlin Dusseldorf Frankfurt Hamburg 7.0 Top locations Regional centres 6.5 Cologne Munich Stuttgart 6.0 6.0 5.5 5.5 5.0 5.0 4.5 4.5 4.0 4.0 3.5 3.5 3.0 3.0

2.5 2.5

1998 2009 2010 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2010 2011 2012 2013 2014 2015 2016 2017 2018 2008 2009 2011 2012 2013 2014 2015 2016 2017 2018 2019

1) DZ HYP German Real Estate Market report – 2019/2020 – Datastream; DZ HYP German Real Estate Market report – 2019/2020 – EY, DZ BANK AG; DZ HYP German Real Estate Market report – 2019/2020 – BNP Paribas Real Estate, CBRE; DZ HYP German Real Estate Market report – 2019/2020 – BulwienGesa, own 52 interpretation of the graphs NETHERLANDS OFFICE MARKET…RESULTING FROM FAVORABLE DEVELOPMENTS

Current trends show very favorable market developments… Median rents 2015 –> 2019 Vacancy reduction1) 2) -650bps +12% 2015 –> 2019 Q2 Available Supply -45% 2015 –> 2019 Office take-up 2015 -> 2019 Office Employment1) +56% 2015 -> 2017 +7.5%

…especially in Amsterdam Median rents 2015 –> 2019 Vacancy reduction2) -890bps +11% 2015 –> 2019 Q3 Available Supply -57% Office Prime Yield3) 2015 –> 2019 2015 –> 2019 Q2 Office take-up 230bps 2015 -> 2019 (3.2%) Office Employment1) +63% 2015 -> 2017 +15.2%

Prime office yield and investment volumes3) Millions €5,000 8% Dutch investors Cross-border investors Prime yield €4,000 83% 6% €3,000 75% 4% 70% 68% Source: Dynamis - Sprekende Cijfers, Kantorenmarkten – 2019 and 2020 €2,000 88% Own interpretation of the graphs. Sources for the missing data: 72% 53% 69% 62% 2% 1) DTZ Zadelhof/Cushman & Wakefield- Nederland Compleet - issues from January 2015-August 2018 €1,000 2) Cushman & Wakefield- Netherlands Office Market Snapshot Q2 2019 and Q3 2019 €0 0% 3) Colliers, EMEA Office Market Snapshots – issues from Q4 2016 to H1 2019 4) Savills – City Special Report, Amsterdam – Q4 2018: YTD at Q3 2018 2010 2011 2012 2013 2014 2015 2016 2017 2018 YTD 53 GERMAN AND NL OFFICE MARKET: SIGNIFICANT OUTPERFORMERS IN EUROPE

AT is well-positioned in the strongest European markets: Germany (+24%) & NL (+22%) significantly outperform the European market (+8%) in prime office rents growth (since 2017 Q1)*

130

1) 125 +24% GERMANY

+22% NETHERLANDS2) 120

115 +13% N&W EUROPE 173) 110 +8% EUROPE 244)

105

100

95 End of 2016 2017 Q1 2017 Q2 2017 Q3 2017 Q4 2018 Q1 2018 Q2 2018 Q3 2018 Q4 2019 Q1 2019 Q2 2019 Q3 Q4=100

*Source: Cushman & Wakefield “Office Market Snapshot” for each respective countries and "The DNA of Real Estate" for the European market. Rebased, weighted and indexed. (All markets are rebased and indexed at the end of 2016 Q4. Each countries are weighted based on their respective markets.) 1) Top 5 Germany markets according to C&W: Berlin, Frankfurt, Hamburg, Munich and Dusseldorf 2) Top 5 NL markets according to C&W: Amsterdam, Rotterdam, the Hague, Utrecht and Eindhoven 3) 17 Northern and Western European countries and their respective top markets according to C&W: Austria, Belgium, Czechia, Denmark, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Norway, Portugal, Sweden, Switzerland, Spain and UK 4) 24 European countries and their respective top markets according to C&W: Austria, Belgium, Bulgaria, Czechia, Denmark, Finland, France, Germany, Hungary, Ireland, Italy, Luxembourg, Netherlands, Norway, Poland, Portugal, Romania, Russia, Slovakia, Spain, Sweden, Switzerland, Turkey and UK 54 GERMAN HOTEL MARKET OVERVIEW - CONTINUED STRONG DEMAND GROWTH

Overnight stays across all hotel accommodation types1) RevPar development2) Rated hotels by category3) 74€ 74€ 72€ 300 5-star 1-star 70€ 70€ 124 74 71 250 66 69 65€ 2-star Millions 65 58 61 63€ 353 51 56 62€ 200 48 59€ 58€ 4-star 150 2,637 3-star 226 207 214 220 4,743 100 189 195 196 202 180 48€ 50

- 3-star 4-star 2-star 5-star 1-star 2010 2011 2012 2013 2014 2015 2016 2017 2018 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 domestic demand international demand Tourism in Germany has been continuously growing over the recent years, driving up main KPIs

Continued high investor demand4) Especially in major German cities4)

2018 2019 6,000 €900m €800m 5,000 €700m 4,000 €600m €500m 3,000 €400m 2,000 €300m €200m 1,000 €100m - €0m 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Berlin Cologne Dusseldorf Frankfurt Hamburg Munich Stuttgart Single deals in €m Portfolio deals in €m

1) destatis 45412-0012 – extracted May 2019 2) STR, 2019 3) hotelstars.eu – January 2020 4) BNP Paribas – Hotel Investment Market Germany at a Glance Q4 2019, own interpretation of the graphs 55 UK/LONDON HOTEL MARKET - POSITIVE DEVELOPMENTS AND FORECASTS

Continued growth in main KPIs, forecasted to grow further1) Strong investor appetite for hotel assets2)

London Loans Portfolio Single Forecast RevPAR growth (%) 10 12% A: Actual F: Forecast 2018A 2019F 2020F 9 8%

Occupancy % 83.5% 84.3% 84.0% 8 )

bn 7 ADR (£) £148.5 £151.5 £153.4 4% 6 RevPAR (£) £124.0 £127.7 £128.9 5 0%

% growth on previous year 4 Deal volume Deal volume (£ -4% (%) RevPARp.a. growth 3 Occupancy 2.0% 1.0% (0.3%) 2 -8% ADR 1.0% 2.0% 1.3% 1 0 -12% RevPAR 3.1% 3.0% 1.0% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

According to forecasts from PwC, KPIs in London hotel market will still grow, despite pressure from new supply, even with uncertainty from Brexit tempering business demand

Positive developments in main KPIs across major UK cities from 2017 to 2019 Occupancy in Key UK cities (in %)3) ADR in Key UK cities (in %)3) RevPar in Key UK cities (in %)3) 2017 2018 2019 2017 2018 2019 2017 2018 2019

90 160 140 80 140 120 70 120 100 60 100 50 80 80 40 60 60 30 40 40 20 20 10 20 0 0 0

1) Econometric forecasts; PwC July 2019; Benchmarking data; STR June 2019 2) PwC UK hotels forecast update for 2019 and 2020 report – STR, RCA, Dealogic, Mergermarket, Pwc Analysis, own interpretation of the graphs 3) STR UK Hotel Review - December 2019 and 2018 56 GERMAN WHOLESALE AND LOGISTICS - BENEFITING FROM IMPROVED MARKET CONDITIONS

Increasing take-up of space1) Sharply decreasing net prime yields1)

2 In m H1 H2 Berlin Düsseldorf Frankfurt Hamburg 8,000,000 8% Cologne Leipzig Munich Stuttgart 7,000,000 7% 6,000,000

5,000,000 6% 4,000,000 5% 3,000,000

2,000,000 4% 1,000,000 3% 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Strong consumer climate provides strong benefits to wholesale and logistics, economic metrics such as Germany’s strong export position provide further benefits, increasing take-up sector wide

Take-up in 2019: A large focus on logistics/wholesale…1) …Especially in Berlin, Hamburg and Frankfurt1)

In % Others 5.6 Germany 40.6% 29.1% 24.7% 5.6% 1.7% Berlin 20.7% 40.4% 25.2% 12.0% Logistics firms 24.7 2.7% Manufacturing Hamburg 17.0% 24.9% 48.6% 6.8% 40.6 1.0% Frankfurt 26.1% 27.7% 30.3% 14.9%

Wholesale/retail 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 29.1 Manufacturing Wholesale/Retail Logistics Firms Construction/Crafts Others

1) BNP Paribas – Logistics Market Germany At a Glance Q4 2019, own interpretation of the graphs 57 MACRO FUNDAMENTALS SUPPORT GCP

Population Development1) Population density 2018 (persons/ sqkm)1) Growth in rent price index 2015-20192)

85 Berlin 7.1% 83.4 237 83.0 83.2 Bremen 7.0% 82.5 82.8 82.2 Bayern 6.9% Baden-Württemberg 6.9% 81.2 80.5 80.8 Hessen 5.8% Millions of People of Millions Niedersachsen 5.7% 80 121 Nordrhein-Westfalen 5.0% Hamburg 4.9% Mecklenburg-Vorpommern 4.7% Brandenburg 4.6% Rheinland-Pfalz 4.5% Schleswig-Holstein 4.3% 75 Saarland 3.8% 2012 2013 2014 2015 2016 2017 2018 2019E 2020E Germany EU Sachsen-Anhalt 3.8% Thüringen 3.5% Sachsen 2.8%

German rental yields vs. German 10 year government bond yields3) ✓ From 1991-2016 the amount of households increased by 16% House price index in real terms for Germany vs. US, UK, & France4) ✓ International and domestic immigration trends to cities also 250 support the stronger forecasted increase in the amount of 6% 310 bps households in cities, reflected in high rent and price increases 200 5% current spread mainly in German large cities 4% 150 3% 200 bps historical spread 2% ✓ With 10 years German bond yielding below 0% the German 100 1% real estate market represents a unique opportunity to 0% generate attractive adjusted risk return 50 -1% ✓ Negative bond yields on one hand coupled with the prospect 2004 2006 2008 2010 2011 2013 2015 2017 2019 for rising property prices makes the German Residential 0 1990 1994 1998 2002 2006 2010 2014 2018 sector very attractive from a risk & reward perspective Resi vs. Bund Bund yield France Germany United Kingdom Resi yield Avg, spread United States Euro area

1) destatis 2012-2017, forecast based European Commission spring 2018 forecasted growth rates 2) destatis, 61111-0020: (2015-2019) 3) UBS, Datastream, JLL, own interpretation of the graphs 4) OECD Stat real house price indices, rebased 58 Berlin Frankfurt Munich Cologne Amsterdam London Stuttgart Hamburg

Berlin Frankfurt Munich Dusseldorf Amsterdam London Stuttgart Hamburg

Berlin Frankfurt Munich Duisburg Amsterdam London Stuttgart Hamburg

Berlin Frankfurt Munich Essen Amsterdam Edinburgh Stuttgart Hamburg

Berlin Frankfurt Munich Dortmund Amsterdam Dublin Baden-Baden Hamburg 59 DISCLAIMER

IMPORTANT: This presentation has been provided for information purposes only and is being circulated on a confidential basis. This presentation shall be used only in accordance with applicable law, e.g. regarding national and international insider dealing rules, and must not be distributed, published or reproduced, in whole or in part, nor may its contents be disclosed by the recipient to any other person. Receipt of this presentation constitutes an express agreement to be bound by such confidentiality and the other terms set out herein. This presentation includes statements, estimates, opinions and projections with respect to anticipated future performance of the Group ("forward-looking statements"). All forward-looking statements contained in this document and all views expressed and all projections, forecasts or statements relating to expectations regarding future events or the possible future performance of Aroundtown SA or any corporation affiliated with Aroundtown SA (the “Group”) only represent the own assessments and interpretation by Aroundtown SA of information available to it as of the date of this document. They have not been independently verified or assessed and may or may not prove to be correct. Any forward-looking statements may involve significant risks and uncertainties and should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such results will be achieved. No representation is made or assurance given that such statements, views, projections or forecasts are correct or that they will be achieved as described. Tables and diagrams may include rounding effects. This presentation is intended to provide a general overview of the Group's business and does not purport to deal with all aspects and details regarding the Group. Accordingly, neither the Group nor any of its directors, officers, employees or advisers nor any other person makes any representation or warranty, express or implied, as to, and accordingly no reliance should be placed on, the accuracy or completeness of the information contained in the presentation or of the views given or implied. Neither the Group nor any of its directors, officers, employees or advisors nor any other person shall have any liability whatsoever for any errors or omissions or any loss howsoever arising, directly or indirectly, from any use of this information or its contents or otherwise arising in connection therewith. Aroundtown SA does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of this presentation.

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