Vonovia Master

9M 2020

Earnings Call Presentation (pages 2-21)

& Investor Presentation (pages 22-46)

November 4, 2020 Agenda 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 Investor Appendix Highlights Segment Results NAV & Valuation LTV & Financing Sustainability Guidance ’20 & ‘21 Wrap-up Presentation

Demographic changes lead to an ageing population, and Germany needs ca. 3m apartments suitable for seniors by 2030 (up from ca. 0.7m today). Vonovia has pledged to refurbish at least one third of all apartments that become vacant to make them suitable for seniors. Vonovia has also made a promise to tenants 70 years and older that their rents will remain affordable for them.

Erich Fenske and Ingrid Bolling are Vonovia tenants in Essen.

9M 2020 Results Investor Additional Presentation Information See Page Finder on page 80 for detailed pages 2-21 pages 22-46 pages 47-80 index

9M 2020 Earnings Call & Investor Presentation page 2 Agenda 9M 2020 Results 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 Investor Appendix Highlights Segment Results NAV & Valuation LTV & Financing Sustainability Guidance ’20 & ‘21 Wrap-up Presentation

Highlights 4

Segment Results 5-11

NAV & Valuation 12-13

LTV & Financing 14-15

Sustainability Update 16-17

Guidance 2020 and 2021 18-20

Wrap-up 21

9M 2020 Earnings Call & Investor Presentation page 3 Highlights 9M 2020 Continuously Robust Performance with no Meaningful Impact from COVID-19 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 Investor Appendix Highlights Segment Results NAV & Valuation LTV & Financing Sustainability Guidance ’20 & ‘21 Wrap-up Presentation

3.6% organic rent growth y-o-y (9M 2019: 4.0%). Performance Adj. EBITDA Total €1,432.5m (+7.6%). Group FFO €1,015.9m (+8.9%) and €1.80 per eop share (+4.7%).

NAV & Adj. NAV p.s. €55.41 (+6.7% since YE2019), no revaluation as of Sep. 30, 2020. Valuation FY2020 total value growth estimated to be €4.6bn – €5.2bn (9.0% - 10.1%).

Capital LTV 40.6% (-250bps ytd) and 42.4% incl. the perpetual hybrid. Structure Net debt/EBITDA multiple 12.1x (+60bps ytd).

Improved sustainability rankings and ESG indices inclusion. 8 of the 17 UN Sustainability Development Goals identified as material to our strategy. Climate path for CO neutral portfolio by 2050 defined. Sustainability 2 Successfully hosted Vonovia’s Climate Conference “Outlook for Climate-neutral Living.” Developing a comprehensive Sustainability Performance Index to implement in the company’s management system.

New financial KPI Total Segment Revenue of ~€4.4bn (2019: €4.1bn). Final Adj. EBITDA confirmed between €1,875m and €1,925m. Guidance 2020 Group FFO increased to around upper end of €1,275m - €1,325m range. Dividend of €1.691 per share.

New financial KPI Total Segment Revenue range between ~€4.9bn and ~€5.1bn

Initial Adj. EBITDA range between €1,975m and €2,025m. Guidance Group FFO range between €1,415m and €1,465m; growth rate is in line with initial guidance of 2021 previous years. Dividend policy unchanged: 70% of Group FFO per share.

1 To be proposed to the Annual General Meeting in 2021. 9M 2020 Earnings Call & Investor Presentation page 4 Operating Performance Remains Strong 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 Investor Appendix Highlights Segment Results NAV & Valuation LTV & Financing Sustainability Guidance ’20 & ‘21 Wrap-up Presentation

On the back of a ca. 5% larger portfolio and performance improvements, the Adj. EBITDA Total grew by 7.6% and the Group FFO by 8.9%.

€m (unless indicated otherwise) 9M 2020 9M 2019 Adj. EBITDA Total (€m)

Adj. EBITDA Rental 1,178.7 1,082.5 +8% Adj. EBITDA Value-add 110.1 117.5 1,432.5 1,331.1 Adj. EBITDA Recurring Sales 74.9 69.1 Adj. EBITDA Development 68.8 62.0 Adj. EBITDA Total 1,432.5 1,331.1 +7.6% FFO interest expenses -289.2 -265.6 Current income taxes FFO -35.6 -43.1 Consolidation1 -91.8 -89.6 415 +5% Group FFO 1,015.9 932.8 +8.9% 396 of which Vonovia shareholders 973.7 892.2 of which hybrid investors 30.0 30.0 of which non-controlling interests 12.2 10.6 9M 2020 9M 2019 Development Recurring Sales Number of shares (eop) 565.9 542.3 Value-add Group FFO per share (eop NOSH) 1.80 1.72 +4.7% Rental Group FFO per share (avg. NOSH) 1.86 1.76 Residential units (`000)2

1 Consolidation in 9M 2020 (9M 2019) comprised intragroup profits of €24.1m (€34.3m), gross profit of development to hold of €44.3m (€33.1m), and IFRS 16 effects of €23.4m (€22.2m). 2 Quarterly average. 9M 2020 Earnings Call & Investor Presentation page 5 Rental Segment Acquisitions and Organic Growth Drive Adj. EBITDA Rental 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 Investor Appendix Highlights Segment Results NAV & Valuation LTV & Financing Sustainability Guidance ’20 & ‘21 Wrap-up Presentation

Rental income growth in 9M 2020 was driven by the Rental Segment (€m) 9M 2020 9M 2019 Delta acquisition of Hembla (+€135m) plus organic rental growth. The increase in operating expenses was mainly attributable to two Hembla-related reasons: Rental income 1,706.9 1,527.0 +11.8% more all-inclusive rents1 in Sweden compared to Maintenance expenses -234.9 -230.2 +2.0% 9M 2019;

Operating expenses -293.3 -214.3 +36.9% double cost structure between Victoria Park and Hembla (synergies not yet realized). Adj. EBITDA Rental 1,178.7 1,082.5 +8.9%

Rental income by geography EBITDA Operations margin Germany2

77.7% 75.0% 76.5% 830 73.6% 14% 71.4% 754 67.7% 63.8% 5% 60.8% 645 Germany 570 Austria 498 445 Sweden 394

81% 2013 2014 2015 2016 2017 2018 2019 9M 2020 EBITDA Operations margin Germany Cost per unit Germany (€)

1 In Sweden, rental income includes ancillary costs. Rough estimate assuming 30% of rental income relates to ancillary expenses would reduce the Rental income and Operating expenses by ca. €75m in 9M 2020 and ca. €30m in 9M 2019. 2 EBITDA Operations margin (Adj. EBITDA Rental + Adj. EBITDA Value-add – intragroup profits) / Rental Income. Margin 2019 and beyond includes positive impact from IFRS 16. Cost per unit is defined as (Rental Income – EBITDA Operations + Maintenance) / average no. of units. 9M 2020 Earnings Call & Investor Presentation page 6 Related page(s): 26-28 Rental Segment Operating KPIs Rental Segment 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 Investor Appendix Highlights Segment Results NAV & Valuation LTV & Financing Sustainability Guidance ’20 & ‘21 Wrap-up Presentation

Organic rent growth of 3.6% year-on-year. Organic rent growth (y-o-y; %) 4.0 Vacancy levels continue to trend downward as a 3.6 0.3 0.6 result of 2.5 2.2 declining fluctuation; 0.8 1.2 unbroken high demand for our product; and 09/2020 09/2019

operational performance in spite of COVID-19 Market Modernization New construction

restrictions.

Vacancy rate (eop, %) Expensed and capitalized maintenance (€/sqm)

2.9 15.1 13.4

2.6 6.2 4.3

8.9 9.2

09/2020 09/2019 9M 2020 9M 2019 Expensed maintenance Capitalized maintenance

9M 2020 Earnings Call & Investor Presentation page 7 Related page(s): 27 Value-add Segment 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 Investor Appendix Highlights Segment Results NAV & Valuation LTV & Financing Sustainability Guidance ’20 & ‘21 Wrap-up Presentation

Continued expansion and roll-out of different Value-add initiatives is on track as planned with growth predominantly in Multimedia supply to customers Residential environment services provided with own employees Smart metering supply to customers Energy supply to delivery points for electricity and gas in the portfolio 9M 2020 Adj. EBITDA Value-add mainly impacted by Temporary effect from COVID-19 related delays in our modernization program Lower residential environment service volume due to mild winter temperatures

Value-add EBITDA mostly from internal savings2 Value-add Segment (€m) 9M 2020 9M 2019 Delta

Craftsmen cost savings (VTS) Income 1,181.0 1,212.01 -2.6% Multimedia

of which external 186.8 186.81 0.0% Covid-19 Residential environment impact on investment of which internal 994.2 1,025.2 -3.0% Smart metering volume Energy Operating expenses Value-add -1,070.9 -1,094.5 -2.2% Other (e.g. 3rd party management, insurance) Adj. EBITDA Value-add 110.1 117.51 -6.3%

1 Adjusted for €5.3m external income that were allocated to the rental segment in 2019, and in order to allow an apples-to-apples comparison, the 2019 pro forma Value-add external income would be €181.5m and the 2019 pro forma Adj. EBITDA Value-add would be €115.4m. 2 Distribution based on 2020 budget. 9M 2020 Earnings Call & Investor Presentation page 8 Related page(s): 65 Recurring Sales Segment Unbroken Demand for Individual Condos 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 Investor Appendix Highlights Segment Results NAV & Valuation LTV & Financing Sustainability Guidance ’20 & ‘21 Wrap-up Presentation

1 Sales volume stable with higher gross proceeds and fair values Recurring sales by geography

than in the previous year, reflecting the ongoing positive

momentum. Austria 33%

Outside the Recurring Sales Segment we sold 829 non-core units Germany in 9M 2020 with a fair value step-up of 33.3%, partly driven by the 67%

disposal of a commercial property.

Recurring Sales Segment (€m) 9M 2020 9M 2019 Delta

Units sold 1,883 1,893 -0.5%

Gross proceeds 296.5 273.5 +8.4%

Fair value -211.6 -193.4 +9.4%

Adjusted result 84.9 80.1 +6.0%

Fair-value step-up 40.1% 41.4% -130bps

Selling costs -10.0 -11.0 -9.1%

Adj. EBITDA Recurring Sales 74.9 69.1 +8.4%

1 Based on sales proceeds. 9M 2020 Earnings Call & Investor Presentation page 9 Related page(s): 58, 60 Development Segment Adj. EBITDA Development Ramp-up Continues 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 Investor Appendix Highlights Segment Results NAV & Valuation LTV & Financing Sustainability Guidance ’20 & ‘21 Wrap-up Presentation

Development segment broadly in line with our Development to sell (by income) Development to hold (by fair value)

Sweden expectations and on track to achieve 2020 1% Austria targets. 27% Germany 42% Shift towards higher development-to-hold Austria Germany 57% 73% volume particularly in Austria safeguards future

rental income.

Development Segment (€m) 9M 2020 9M 2019 Delta

Income from disposal of “to sell” properties 181.6 194.9 -6.8%

Cost of Development to sell -145.0 -148.1 -2.1%

Gross profit Development to sell 36.6 46.8 -21.8%

Fair value Development to hold 225.8 185.3 21.9%

Cost of Development to hold -181.5 -152.2 19.3%

Gross profit Development to hold 44.3 33.1 33.8%

Operating expenses Development segment -12.1 -17.9 -32.4%

Adj. EBITDA Development 68.8 62.0 11.0%

Note: This segment includes the contribution of to-sell and to-hold constructions of new buildings. Not included is the construction of new apartments by adding floors to existing buildings, as this happens in the context of modernization. 9M 2020 Earnings Call & Investor Presentation page 10 Related page(s): 55 Development Segment Vonovia‘s Contribution towards Reducing the Housing Shortage 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 Investor Appendix Highlights Segment Results NAV & Valuation LTV & Financing Sustainability Guidance ’20 & ‘21 Wrap-up Presentation

New rental apartments for our own portfolio (“to hold”)

1,056 units completed in 9M 2020 (including floor additions). 7% Total pipeline of ca. 40,000 apartments, of which more than 4% 70% in Germany and the remainder in Austria and Sweden. Under construction Average apartment size between 60-70 sqm and broadly in line Short-term pipeline with overall portfolio average. Longer-term pipeline

The Development to-hold investment volume is part of the overall 89% investment program.

2020 target: ~1,300 completions

New apartments for retail disposal (“to sell”)

381 units completed in 9M 2020. Total pipeline volume of ca. €3.1bn (ca. 9,000 apartments), of

which ca. two thirds in Germany and ca. one third in Austria. 30% Under construction Investment capital for Development to sell is not part of investment Short-term pipeline 67% 3% Longer-term pipeline program.

Average apartment size between 70-80 sqm. Average investment volume of €4.5k – €5.0k per sqm. 2020 target: >500 completions Expected gross margin between 20-25% on average.

9M 2020 Earnings Call & Investor Presentation page 11 Related page(s): 55 EPRA NAV and Adj. NAV 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 Investor Appendix Highlights Segment Results NAV & Valuation LTV & Financing Sustainability Guidance ’20 & ‘21 Wrap-up Presentation

No property valuation in Q3.

Adj. NAV +11.3% in absolute terms and +6.7% on a per share basis (NOSH +4.4%).

€m Sep. 30, 2020 Dec. 31, 20191 Delta (unless indicated otherwise)

Equity attributable to Vonovia's shareholders 21,540.3 19,308.3 11.6%

Deferred taxes on investment properties 11,173.2 10,288.9 8.6%

Fair value of derivative financial instruments2 73.2 1.6 >100%

Deferred taxes on derivative financial instruments -19.9 -6.3 >100% EPRA NAV 32,766.8 29,592.5 10.7%

Goodwill -1,410.6 -1,430.6 -1.4% Adj. NAV 31,356.2 28,161.9 11.3%

EPRA NAV €/share 57.90 54.57 6.1% Adj. NAV €/share 55.41 51.93 6.7% Number of shares (eop) 565.9 542.3 4.4%

1 Dec. 31, 2019, numbers adjusted (cf. Note A2 of H1 2020 financial report). 2 Adjusted for effects from cross currency swaps. 9M 2020 Earnings Call & Investor Presentation page 12 H2 2020 Valuation Outlook Confirms Ongoing Positive Momentum 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 Investor Appendix Highlights Segment Results NAV & Valuation LTV & Financing Sustainability Guidance ’20 & ‘21 Wrap-up Presentation

H2 2020 total value growth is estimated to come Value growth drivers (€bn) out between €2.3bn - €2.9bn (4.3% - 5.4%).

FY2020 total value growth therefore estimated 5.3 4.6 – 5.2 to be €4.6bn – €5.2bn (9.0% - 10.1%).

Value development shows no material negative 1.8 H2 impacts from Covid-19, and our FY2020 - 2.4 estimate assumes values remain immune. FY2020 Offer prices in 2020 have been continuing to 3.6 4.3 - increase across our markets (Berlin remains 4.2 notable exception with substantially weaker but slightly positive value development). 1.8 H1

Value growth from YC. Vonovia Germany excl. Berlin1

10% ~0.5 H2 8% FY2020 1.0 ~1.0 6% 0.5 H1 4% 2019 2020E 2% Performance + YC 0% 2 2016 2017 2018 2019 2020E Investments

1 Value growth from yield compression. Timeline includes portfolio changes but is l-f-l for individual years. 2 Investments exclude new construction as those investments are accounted for as “additions” to investment properties.

9M 2020 Earnings Call & Investor Presentation page 13 Related page(s): 51 LTV at the Lower End of the Target Range 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 Investor Appendix Highlights Segment Results NAV & Valuation LTV & Financing Sustainability Guidance ’20 & ‘21 Wrap-up Presentation

Based on the stable cash flows and the strong long-term fundamentals in our portfolio locations, largely driven by a structural supply/demand imbalance, we see continued upside potential for our property values and do not see material long-term downside risks for our portfolio. We remain committed to our LTV target range of 40-45%. The S&P Global Ratings requirement for replacing the equity component of the perpetual hybrid has already been resolved via the September 2020 capital increase, giving Vonovia all options for paying back the instrument at the first call date in Q4 2021.

€m Sep. 30, 2020 Dec 31, 2019 Delta (unless indicated otherwise)

Non-derivative financial liabilities 24,742.7 23,574.9 5.0% Foreign exchange rate effects -29.1 -37.8 -23.0% Cash and cash equivalents -1,713.6 -500.7 >100% Net debt 23,000.0 23,036.4 -0.2% Sales receivables/prepayments -125.6 21.4 >100% Adj. net debt 22,874.4 23,057.8 -0.8%

Fair value of real estate portfolio 56,047.0 53,316.4 5.1% Shares in other real estate companies 310.1 149.5 >100% Adj. fair value of real estate portfolio 56,357.1 53,465.9 5.4%

LTV 40.6% 43.1% -250bps LTV (incl. perpetual hybrid) 42.4% 45.0% -260bps Net debt/EBITDA multiple1 12.1x 11.5x +0.6

1 Adj. net debt quarterly average over Adj. EBITDA Total (LTM), adj. for IFRS 16 effect. 9M 2020 Earnings Call & Investor Presentation page 14 Related page(s): 71 Solid Capital Structure with Smooth Maturity Profile and Diverse Funding Mix 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 Investor Appendix Highlights Segment Results NAV & Valuation LTV & Financing Sustainability Guidance ’20 & ‘21 Wrap-up Presentation

Current level KPI / criteria Sep. 30, 2020 Dec. 31, 2019 Bond covenants Required level (Sep. 30, 2020)

LTV Corporate rating (Scope) A- A- <60% 41% (Total debt / total assets)

Secured LTV BBB+ BBB+ <45% 12% (Secured debt / total assets)

Corporate rating (S&P) 3 3 (BRP : (BRP : ICR >1.8x 4.9x “excellent”) “strong”) (LTM EBITDA / LTM interest expense)

1 Unencumbered assets LTV (net debt / fair value) 40.6% 43.1% >125% 200% LTV (net debt incl. equity hybrid / fair value) 42.4% 45.0% (Unencumbered assets / unsecured debt)

Net debt/EBITDA multiple2 12.1x 11.5x Evolution of LTV and Interest Cover Ratio

Fixed/hedged debt ratio1 99% 96% 4.9 4.9 4.6 4.7 49.0% 49.7% 47.3% 3.7 Average cost of debt1 1.4% 1.5% 3.0 43.1% Equity 2.7 41.6% 42.8% 42.4% hybrid 2.2 39.8% Weighted average maturity (years)1 7.9 7.9

Most recent bond issuances (July 2020) €750m, 6 years 0.625% €750m, 10 years 1.000% 2013 2014 2015 2016 2017 2018 2019 9M 2020 LTV (%) Interest cover ratio target range

Diverse funding mix with no more than 12% of debt maturing annually

€m 6% Savings & Loan Corporate bond 3,500 4% 8% Assoc. 10% 3,000 22% Landesbanken Equity hybrid 14% 2,500 Cooperatives 2,000 Bank loans German lenders 4% 1,500 7% Subsidized 62% 1,000 Bank loans Austrian lenders 63% 500 Private 0 Bank loans Swedish lenders 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 from Bank lenders 2033 1 Excl. equity hybrid. 2 Adj. net debt quarterly average over Adj. EBITDA Total (LTM), adj. for IFRS 16 effect. 3 BRP = business risk profile. 9M 2020 Earnings Call & Investor Presentation page 15 Related page(s): 70-71 Sustainability Update 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 Investor Appendix Highlights Segment Results NAV & Valuation LTV & Financing Sustainability Guidance ’20 & ‘21 Wrap-up Presentation

Substantially improved results during last sustainability rating season: Sustainalytics (1st percentile Sustainability globally), ISS-oekom (from C- to C (Premium)), MSCI (from BBB to A), and CDP (from C to B). Ratings improved Inclusion in leading ESG indices, such as DAX 50 ESG, STOXX Global ESG Leaders, EURO STOXX ESG Leaders 50, STOXX Europe ESG Leaders 50.

UN Sustainability 8 of the 17 United Nations Sustainability Development Goals (SDGs) identified as material to Development business activities and aligned with our sustainability strategy. Vonovia’s actions are expected to Goals have positive impacts on these important goals.

Vonovia has defined a climate path for the portfolio to achieve CO neutrality by 2050 through a Climate Path 2 combination of continued modernization, renewable energy and sector coupling.

Vonovia hosted the Climate Conference “Perspectives for Climate-neutral Living” on Oct. 1 and presented itself as the driving force for climate protection in the housing industry. Vonovia Climate The Conference was attended by leading energy experts, scientists, and policy makers, who Conference discussed courses of action and what is required politically to make residential real estate carbon neutral.

Sustainability Developing a comprehensive Sustainability Performance Index to implement Sustainability KPIs in Performance the company’s management system alongside the financial and performance KPIs and to facilitate Index the implementation of our sustainability strategy.

Innovative research lab in Bochum Weitmar to develop solutions for CO2 neutral residential Innovation neighborhoods in ongoing operations, including hydrogen energy storage and sector coupling via one centralized platform.

It is our ambition to be the industry’s sustainability leader

9M 2020 Earnings Call & Investor Presentation page 16 Related page(s): 36-43 Vonovia’s Climate Path Preparing for the Future 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 Investor Appendix Highlights Segment Results NAV & Valuation LTV & Financing Sustainability Guidance ’20 & ‘21 Wrap-up Presentation

CO2 tax in Germany from 2021 onwards

Initial price of €25 per tCO2e. No decision yet on how the tax payment will be shared between tenants and landlords. One proposal suggests splitting the tax equally between the two parties  this would not set the right incentives.

The CO2 emission is driven by the energy efficiency of the building and the tenants’ individual consumption/behavior.

An asset’s energy efficiency class should be the guideline for allocating the CO2 tax between tenants and landlords.

Vonovia More efficient Less efficient lower Landlord’s contribution to CO tax higher Proposal energy class 2 energy class

Illustration of different climate path scenarios 2020-2050 (CO2 intensity) 50 1 45 Base case 40 Increased modernization depth (ca. 60% reduction) 35 Germany 1%

sqm 30 2

25 Hybrid case kg / kg

/ / Increased modernization depth (ca. 2 20 1 60% reduction) + gas condensing + CO 15 2 solar thermal technology 10 3 5 Climate neutral case1 3 Conversion to green district heating, 0 sector coupling and renewable energy 2020E 2030E 2040E 2050E (heat pump / PV) Energy efficient modernization rate Germany (1%) Energy efficient modernization rate Vonovia (3%) -60% reduction, 3% energy efficient modernization rate -60% reduction, 3% energy efficient modernization rate + gas condensing & solar thermal technology -60% reduction, 3% energy efficient modernization rate + proprietary district heating, sector coupling / or + heat pump / or + PV Target path of German government 2030 / scenario for climate neutral housing portfolio CRREM 2-degree path 04/2020 Target corridor

Note: This climate path refers to the German portfolio; we are in the process of developing separate climate paths for the portfolios in Austria and Sweden. Source: Fraunhofer ISE modelling of Vonovia portfolio. Reduction of energy need of 160 kWh towards 60% through the following measures: Building envelope (insulated facade, windows) to become KFW Standard 100-70; scenarios 2 and 3 include the simulation of a change of energy 1 2 sources. The total CO2 emission in the German portfolio in 2019 was ca. 1 million t CO2e. In order to achieve the climate neutral case certain regulatory adjustments still need to be made and not all of the technological concepts have been fully developed yet. 9M 2020 Earnings Call & Investor Presentation page 17 Addition of Revenue KPI to Reporting and Guidance 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 Investor Appendix Highlights Segment Results NAV & Valuation LTV & Financing Sustainability Guidance ’20 & ‘21 Wrap-up Presentation

Currently, the focus on revenue growth is almost exclusively limited to like-for-like rent growth, in line with traditional real estate reporting, where top line growth is usually equated with (organic) rent growth. This narrow view does not capture the full breadth of our earnings and value generation capacity because it focuses on the rental segment only, ignoring the other three segments. Going forward, and in addition to the current disclosure, Vonovia will report revenues per segment and guide Total Segment Revenue, similar to the guidance for Adj. EBITDA Total and Group FFO. The reporting and guiding of organic rent growth will not change. Our objective is to report the total revenue from which we cover costs and deliver EBITDA, FFO & dividend growth; reflect Vonovia’s full value creation strength including Value-add, Recurring Sales and Development; provide the full revenue growth including changes through acquisitions and disposals in addition to organic rent growth; provide a relevant starting point for deriving Adj. EBITDA Total and Group FFO.

Growth rates 2016 2017 2018 2019

Organic rent growth 3.3% 4.2% 4.4% 3.9%

Total segment revenue growth 16.1% 15.8% 27.9% 13.9%

Rental 9% 8% 14% 10%

Value-add 50% 31% 26% 11%

Recurring Sales 2% 15% 16% 3%

Development >100% 60%

9M 2020 Earnings Call & Investor Presentation page 18 Related page(s): 63 Final 2020 Guidance 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 Investor Appendix Highlights Segment Results NAV & Valuation LTV & Financing Sustainability Guidance ’20 & ‘21 Wrap-up Presentation

2020 Guidance 2020 Guidance 2019 Actuals (Aug. 5, 2020) (Nov. 4, 2020)

Total Segment Revenue €4,112m n/a ~€4.4bn

Rental Income €2,075m €~2.3bn ~€2.3bn

Organic rent growth (eop) 3.9% ~3.3 - 3.8%1 ~3.1%2

Recurring Sales (# of units) 2,607 ~2,500 ~2,500

FV step-up Recurring Sales 41.3% ~30% >35%

Adj. EBITDA Total (€m) 1,760 1,875 – 1,925 1,875 – 1,925

around upper end of Group FFO (€m) 1,219 1,275 – 1,325 1,275 – 1,325 range

70% Dividend (€/share) 1.57 1.693 of Group FFO per share

Investments (€m) 1,489 1,300 – 1,600 ~€1.5bn

1 Towards the lower end (upper end) in case rents (do not) need to be reduced to 120% of the in-place rent as required by the Berlin-specific rent freeze regulation. 2 Accounting for the one-off effect (50bps) from the reduction of rents to 120% of the in-place rent in November 2020 as required by the Berlin-specific rent freeze regulation. 3 To be proposed to the Annual General Meeting in 2021. 9M 2020 Earnings Call & Investor Presentation page 19 Related page(s): 18 Initial 2021 Guidance 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 Investor Appendix Highlights Segment Results NAV & Valuation LTV & Financing Sustainability Guidance ’20 & ‘21 Wrap-up Presentation

2020 Guidance Mid-term 2021 Guidance (Nov. 4, 2020) Outlook

Total Segment Revenue (€bn) ~4.4 ~4.9 - ~5.1 growing

Rental Income (€bn) ~2.3 ~2.3 - ~2.4 growing

Organic rent growth (eop) ~3.1%1 ~3.0% - ~3.8%2 stable

Recurring Sales (# of units) ~2,500 ~2,500 stable

FV step-up Recurring Sales >35% ~30% stable

Adj. EBITDA Total (€m) 1,875 – 1,925 1,975 – 2,025 growing

Around upper end of Group FFO (€m) 1,415 – 1,465 growing 1,275 – 1,325 range

~70% stable payout ratio; Dividend (€/share) 1.693 of Group FFO per share €/share growing

Investments (€bn) ~1.5 1.3 – 1.6 stable

1 Note: The 2021 guidance assumes that a possible CO2 tax will be part of the recoverable expenses. Accounting for the one-off effect (50bps) from the reduction of rents to 120% of the in-place rent in November 2020 as required by the Berlin-specific rent freeze regulation. 2 If the current Berlin-specific rent freeze regulation is in place at the end of 2021, we expect to come out towards the lower end of the range; if the legislation is no longer in place at the end of 2021, we expect to come out towards the higher end of the range. A ruling by the Federal Constitutional Court is widely expected in Q2 2021. 3 To be proposed to the Annual General Meeting in 2021.

9M 2020 Earnings Call & Investor Presentation page 20 Related page(s): 18 Wrap-up 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 Investor Appendix Highlights Segment Results NAV & Valuation LTV & Financing Sustainability Guidance ’20 & ‘21 Wrap-up Presentation

Our business continues to perform very stable and fully in line with our expectations. Impacts from COVID-19 remain marginal.

The underlying market fundamentals are intact and the environment in which we operate remains very favorable.

Sustainability strategy further developed with substantial progress on all relevant sustainability aspects.

We remain confident in our ability to continue to deliver growth as per our guidance for 2020 & 2021 and beyond.

9M 2020 Earnings Call & Investor Presentation page 21 Agenda 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 Investor Appendix Highlights Segment Results NAV & Valuation LTV & Financing Sustainability Guidance ’20 & ‘21 Wrap-up Presentation

In residential real estate, a neighborhood, or urban quarter, is usually defined as a cohesive urban structure that is considered by its inhabitants as a self-contained area. It is the predominant aggregation level where a real estate company can make the biggest difference and most positive contribution for inhabitants. Approx. three quarters of Vonovia’s German portfolio are located in almost 600 of these urban quarters, each with an average of 430 apartments.

9M 2020 Results Investor Additional Presentation Information See Page Finder on page 80 for detailed pages 2-21 pages 22-46 pages 47-80 index

9M 2020 Earnings Call & Investor Presentation page 22 Europe’s Leading Residential Property Owner and Operator 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 Investor Appendix Highlights Segment Results NAV & Valuation LTV & Financing Sustainability Guidance ’20 & ‘21 Wrap-up Presentation

We are the long-term owner and full-scale 354k apartments in 15 urban growth operator of Europe’s largest listed multifamily regions housing portfolio with ca. 415k apartments for small and medium incomes in

metropolitan growth areas. 38k apartments in Stockholm, Gothenburg, and Malmö

Geographic split (by no. of units)

5% 9% 2.6% stake in portfolio with 27k apartments Focus: Randstad (greater Amsterdam) 22k apartments mainly in Vienna

85%

10% stake in Germany Sweden Austria portfolio with 4k The small stakes we own in the Dutch and in the French apartments portfolios are less of a financial investment and more R&D Focus: Île de France to gain an even better understanding of the markets. (greater Paris)

9M 2020 Earnings Call & Investor Presentation page 23 Related page(s): 50 Compelling Investment Case 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 Investor Appendix Highlights Segment Results NAV & Valuation LTV & Financing Sustainability Guidance ’20 & ‘21 Wrap-up Presentation

Market We are Europe’s largest residential landlord and the long-term owner and full-scale operator of a multifamily Leader housing portfolio with ca. 415k apartments for small and medium incomes in metropolitan growth areas.

The granularity and B-to-C nature of our business are unique in real estate. Our strategy of standardization, Uniquely industrialization and process optimization makes us the industry leader with best-in-class service levels and Positioned superior cost control.

Low Fundamental megatrends provide a positive backdrop in a regulated environment that safeguards attractive Risk risk-adjusted returns and offers downside protection.

Organic earnings and value growth plus substantial long-term upside potential from acquisitions in selected Growth European metropolitan areas. Low execution risk from track record of acquiring and integrating >300k apartments in eight large transactions since IPO.

All of our actions have more than just an economic dimension. Built-in We provide a home to around 1 million people from ca. 150 nations.

ESG Focus CO2 emissions related to housing are one of the largest sources of greenhouse gas emissions. As a listed, blue-chip company we are rightfully held to a high standard.

9M 2020 Earnings Call & Investor Presentation page 24 Earnings and Value Growth across Four Segments 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 Investor Appendix Highlights Segment Results NAV & Valuation LTV & Financing Sustainability Guidance ’20 & ‘21 Wrap-up Presentation

Development Rental & Value-add Recurring New construction (Operating business) Sales of apartments to Efficient property and portfolio management including ancillary Disposal of hold and to sell service business for internal savings and external income individual via greenfield apartments to and brownfield retail buyers development

Vonovia is one Robust top-line growth from regulated environment with high pass- Steady sale of through rate at >75% EBITDA margin and growing of the leading ca. 2.5k 13-year average duration of rental contracts with no cluster risk homebuilders in because of granular B-to-C business apartments Germany High degree of insourcing with standardization, industrialization and annually at New process optimization along the value chain ~30% (est.) construction is Segment contribution to 2020E Adj. EBITDA ca. 90% above fair a financially and Property Management Technical Service market value strategically (~1,500 letting agents & caretakers) (~5,000 craftsmen) valuable Face to the customer and eyes & ears Wholly-owned craftsmen company Segment addition to the on the ground in our local markets (“VTS”) for large share of maintenance contribution and modernization plus pooling of core business entire purchasing power to 2020E Adj. Segment EBITDA ca. Residential Environment Service Center contribution 5% (~landscape gardeners) (~1,000 service agents) to 2020E Adj. Mainly maintenance and construction Centralized property management EBITDA ca. of gray and green areas and snow/ice including inbound calls and e-mails, removal in the winter recoverables billing, contract 5% management, maintenance dispatch and rent growth management

9M 2020 Earnings Call & Investor Presentation page 25 Granular B-to-C End Consumer Business 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 Investor Appendix Highlights Segment Results NAV & Valuation LTV & Financing Sustainability Guidance ’20 & ‘21 Wrap-up Presentation Residential real estate is a mass business with large volumes that offers a competitive advantage to companies with an efficient operating platform, a high degree of standardization and process excellence.

2.6 million inbound 400,000 payment 8 million invoices to calls p.a. reminders p.a. process p.a.

360,000 outbound 40k heating systems calls p.a. to be maintained

700,000 ancillary expense bills to 220,000 trees and 650,000 repair jobs prepare and settle with 300km hedges p.a. tenants

3,500 elevators to be 15 million sqm of maintained green spaces

9M 2020 Earnings Call & Investor Presentation page 26 Robust Operating Business 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 Investor Appendix Highlights Segment Results NAV & Valuation LTV & Financing Sustainability Guidance ’20 & ‘21 Wrap-up Presentation

Successful portfolio management has resulted in Bread & butter market rent growth levered with investments

3.6% excluding the Rent growth from new construction to hold 4.4 4.2 one-off rent portfolio concentration in urban growth areas. Rent growth from modernizations reduction in Berlin1 3.9 2 Market rent growth ~3.8

3.3 ~0.82 Sustainable rent growth momentum and structural ~3.11 2.9 ~3.0 supply/demand imbalance in these urban areas 2.5 1.9 safeguard highly robust top-line.

Focus on scale, standardization and industrialization

delivers increasing efficiencies. 2013 2014 2015 2016 2017 2018 2019 2020E 2021E

High occupancy rates – vacancies almost all modernization Proof of scalability3 related 96.5 96.6 97.3 97.6 97.5 97.6 97.4 97.4 357 358 356 333 345

76.5% 75.0% 203 73.6% 175 71.4% 67.7% 63.8% 60.8%

2013 2014 2015 2016 2017 2018 2019 09/2020 2013 2014 2015 2016 2017 2018 2019 Occupancy rate Avg. number of apartments ('000) EBITDA Operations margin 1 The Berlin-specific rent freeze regulation calls for the reduction of rents to 120% of the in-place rent in November 2020. This one-off impact equals ca. 50bps and reduces Vonovia’s organic rent growth guidance for 2020E to ~3.1%. 2 If the current Berlin-specific rent freeze regulation is in place at the end of 2021, we expect to come out towards the lower end of the range; if the legislation is no longer in place at the end of 2021, we expect to come out towards the higher end of the range. A ruling by the Federal Constitutional Court is widely expected in Q2 2021. 3 EBITDA Operations margin = (Adj. EBITDA Rental + Adj. EBITDA Value-add – intragroup profits) / Rental Income. 2019 margin includes positive impact from IFRS 16. Cost per unit is defined as (Rental Income – EBITDA Operations + Maintenance) / average no. of units. German portfolio only. 9M 2020 Earnings Call & Investor Presentation page 27 Cost per Unit – Peer Comparison Residential Real Estate Is a Scalable Business 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 Investor Appendix Highlights Segment Results NAV & Valuation LTV & Financing Sustainability Guidance ’20 & ‘21 Wrap-up Presentation

Cost per unit is a simple and straight forward measure to compare efficiency: the fully loaded operating costs

(property related costs plus overhead) divided by the average number of apartments. Maintenance expenses are

excluded in this calculation, as maintenance levels are largely discretionary and more or less maintenance

spending is not a sign of (in)efficiency.

Cost per Unit Comparison 2014 and 2019: Increased scale leads to increased efficiency. More scale leads to more efficiency.

1000

900

-15% 800 -28%

700

600 -48%

500 Cost Cost per (€/year) unit 400

300

200 0 50 100 150 200 250 300 350 400 Average units ('000)

2014 2019 Vonovia (Germany) Peer 1 Peer 2

Cost per unit is defined as (Rental Income – EBITDA Operations + Maintenance) / average no. of units. Peer group includes Deutsche Wohnen (excl. nursing) and LEG. 9M 2020 Earnings Call & Investor Presentation page 28 Megatrends – Challenge & Opportunity 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 Investor Appendix Highlights Segment Results NAV & Valuation LTV & Financing Sustainability Guidance ’20 & ‘21 Wrap-up Presentation

Energy Urbanization efficiency Demographic change

An increasing part of the population Ca. 1/3 of greenhouse gas An increasing share of the is moving into urban areas emissions are related to real estate population is 65+ years

We are providing apartments at We are a driving force of the We are preparing at least one fair price levels to a growing industry and have embarked on a third of all apartments that urban population climate path that will result in a become vacant for elderly tenants

Our products and services give more CO2 neutral portfolio by 2050 Demographic changes require than one million people an affordable The energy-efficient modernization of refurbishing apartments to enable an home in their apartment and the housing stock and innovative ageing population to stay in their neighborhood solutions for carbon neutral residential homes with little or no assistance for neighborhoods are paramount for longer achieving climate protection targets

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

9M 2020 Earnings Call & Investor Presentation page 29 Related page(s): 48-49 Disciplined Capital Allocation Focused on Long-term Earnings and Value Creation 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 Investor Appendix Highlights Segment Results NAV & Valuation LTV & Financing Sustainability Guidance ’20 & ‘21 Wrap-up Presentation

2.25 2.06 70% of recurring cash earnings (FFO) paid 1.90 1.691 1.63 1.57 out as dividend 1.44 1.30 1.32 Dividend 1.12 We expect to continue to be able to deliver 0.95 1.00 0.94 0.67 0.74 policy sustainably growing dividends

Scrip dividend option since FY2016 2013 2014 2015 2016 2017 2018 2019 2020E 2021E Recurring cash earnings ("FFO")2 Dividend 1,300 €m - 1,600 New construction to hold ~1,500 Investments in modernization and new Target 1,489 Upgrade Building IRR of construction to hold to address the 9-10% 1,139 Investment Optimize Apartment megatrends urbanization, energy efficiency 779 Program 472 and demographic change 356 Organic Core Business Core Organic 172 Drives organic earnings and value growth 71 2013 2014 2015 2016 2017 2018 2019 2020E 2021E

415 Disciplined and opportunistic approach ‘000 apartments 4 Clear set of criteria to safeguard earnings and value growth for shareholders 318 M&A 180 Impeccable track record of execution with 87 >300k apartments acquired and integrated since IPO IPO Sales Acq. New construction 9M 2020

Shareholder authorization in place (until 70 60 2023) 50 40

Opportunistic General preference for allocating capital to 30

Share €/share 20 long-term growth of the company 10 buy-backs 0 Potentially an option in case shares trade Jul-13 Jul-14 Jul-15 Jul-16 Jul-17 Jul-18 Jul-19 Jul-20 at steep discount to Adj. NAV VNA share price Last reported Adj. NAV

1 To be proposed to the Annual General Meeting in 2021. 9M 2020 Earnings Call & Investor Presentation page 30 Solid Capital Structure with Smooth Maturity Profile and Diverse Funding Mix 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 9M 2020 Investor Appendix Highlights Segment Results NAV & Valuation LTV & Financing Sustainability Guidance ’20 & ‘21 Wrap-up Presentation