Excellent Prospects For Your Success Short portrait Short portrait

“ We provide professional assistance for your financing transactions in the most signifi- cant European real-estate markets. Due to our experience, our local know-how and our well-marked structuring expertise, we successfully realize cross-border-deals Deutsche Hypo – for you.” State-of-the-art out of tradition

Deutsche Hypo is one of the most renowned Pfandbrief banks Sabine Barthauer in . Rich in tradition it was founded as Deutsche Member of the Board of Managing Directors ­Hypothekenbank (Actien-Gesellschaft) in 1872 by -­based merchants and bankers. Deutsche Hypo’s head office is in ­. As experienced specialists, we support professional real estate finance customers in Germany and, for more than the last 25 years, in other core European markets as well.

Thanks to our wide product range, we have the right solution for your project. For over 146 years the priorities have been “ Our focus lies on the tried-and-tested trio “quality before quantity” and “continuity before volatility”. of stable earnings, low levels of risk and Our 400 employees are here to help you. ­efficient structures. Those who identify We are looking forward to meeting you. risks early can also deal with them. This ­expertise is the cornerstone of our lean credit process.”

Andreas Rehfus Member of the Board of Managing Directors

2 3 Strong Partners In a nutshell Our facts and figures Our Ownership Structure of NORD/LB group Deutsche Hypo’s Annual Results 2017

Deutsche Hypo has been part of the NORD/LB Group in € millions 01.01. – 01.01. – 01.01. – since 2008 and acts as the centre of competence Income statement figures 31.12.2017 31.12.2016 31.12.2015 for the core business area of commercial real estate Net interest income 193.4 202.1 224.5 finance and the issue of Mortgage Pfandbriefe. Net commission income 0.3 3.7 0.5 Deutsche Hypo is a member of the Joint Liability Administrative expenses 83.8 76.4 77.8 Scheme at the Savings Bank Finance Group. Synergy Risk result – 41.3 – 66.6 – 41.3 is achieved through Deutsche Hypo’s close ties with Income from securities and participatory interest – 10.2 55.7 – 29.4 NORD/LB, which affords Deutsche Hypo‘s customers Result from normal operations 62.7 115.0 70.3 access to the product range of an internationally ■ State of Lower Saxony 59.1 % active major bank. With total assets of € 165 billion, in % / in € millions 31.12.2017 31.12.2016 31.12.2015 NORD/LB is one of the most important financial ■ State of Saxony-Anhalt 5.6 % Other information institutions in Germany. Its majority shareholder is ■ Lower Saxony Savings Banks and Giro Association 26.4 % Cost-income ratio 42.3 37.8 35.6 the federal state of Lower-Saxony. ■ Saxony-Anhalt Savings Banks and Holding Association 5.3 % Total assets 23,698.3 25,202.6 26,943.7 ■ Special Purpose Holding Association of the Mecklenburg-Western Pomerania Savings Banks 3.6 % Further details concerning the business development of the previous years can be found under www.Deutsche-Hypo.de

NORD/LB – Leading universal bank Engages in the business areas: in the heart of northern Germany: // Commercial real estate finance business (at Deutsche Hypo) Sustainability ratings // Corporate customers // Landesbank for the federal states Lower-Saxony and // Structured finance in the sector of energy and infrastructure Saxony-Anhalt // Ship and aircraft finance // Central bank for savings banks for Lower-Saxony, // Capital markets business Saxony-Anhalt and Mecklenburg-Western Pomerania // Private and commercial customers // State savings bank in the Braunschweig county with Financial ratings more than 100 branches Mortgage Public Short-term Long-term Baseline credit Pfandbriefe Pfandbriefe Liabilities Liabilities assessment (BCA) The NORD/LB Group consists of: Moody’s Aa1 Aa2 Prime-2 Baa3 b2

Covered Bond Bank Luxembourg

4 5 Personally on site Extensive know-how

Our Our Breakdown by property type: core markets asset classes We have a local presence in the most We finance the following important real estate markets! // asset types: // // Berlin // Deutsche Hypo focuses on direct business with professional Hanover // // Office and commercial buildings // real estate investors. We offer tailored financing concepts and // Dusseldorf // Retail support. We engage in high-quality properties, which we finance // // Hotels in close collaboration with our clients. // Multi-storey residential // // // Logistics Deutsche Hypo concentrates on regions with a large property stock and a positive outlook and properties with a good tenant Deutsche Hypo’s multi-lingual team has a wealth of ■ Office and commercial buildings 36.9 % structure and stable cash flow. Deutsche Hypo’s strategic target market experience and prides itself on its asset-­ ■ Retail 34.9 % markets are Germany, UK, France, Benelux, and Spain. based expertise and local legal knowledge in each of its core markets. ■ Residential real estate 15.9 % ■ Others 12.3 % // Total volume € 12,077 Mio. as of 31.12.2017

Regional breakdown New real estate finance business domestic – foreign ■ Domestic ■ Foreign

5,000 ■ France 8.3 % 4,540.7 4,075.2 ■ UK 11.8 % 4,000 1,708.6 3,798.3 1,626.0 ■ Benelux 14.9 % 3,000 1,617.4 ■ Germany 58.6 % ■ Poland 2.3 % 2,000 in € millions ■ Spain 0.8 % 2,449.2 2,832.1 1,000 2,180.9 ■ Other 3.3 % 0 2015 2016 2017

6 7 Our references Our references Our Sofitel Munich references Bayerpost Type of property: Hotel Location: Munich Customer: Hotel Bayerpost München GmbH & Co. KG (a fund of the Ebertz & Partner Group) Financing volume: € 80 million

Type of property: Residential Location: Netherlands Customer: A real estate company managed by PATRIZIA Group Financing volume: € 69 million Prime Corporate Center Dreischeibenhaus Residential Portfolio “Granite” Type of property: Office building Type of property: Office building Location: Warsaw Location: Dusseldorf Customer: A real estate company Customer: MOMEMI Group and managed by Warburg - HIH Invest Real Estate GmbH Black Horse Investments Financing volume: € 41 million Project volume: € 230 million

Mall of Berlin

Type of property: Shopping centre Location: Berlin Hotel Zoo Customer: A joint venture between High Gain House Type of property: Hotel Investments/Berlin and Arab Location: Berlin Investments/London Customer: Kurfürstendamm 25 Besitz GmbH Financing volume: € 600 million Financing volume: € 35 million

8 9 Well positioned Well informed Our publications Our We do not keep our know-how to ourselves. So that you can participate in our experience and product range ­expertise, we publish: Are you planning to invest in real ­estate? Talk to us about your ideas. ­Together we can develop the right ­financing strategy for your project. // the Deutsche Hypo REECOX, which reflects the // regular market analyses on current real estate economy development in Germany, developments in the real estate markets and UK, France, Poland, Spain and the Netherlands in the real estate industry

Our products WHAT YOU CAN DEUTSCHE HYPO REAL ESTATE ECONOMY INDEX at a glance: COUNT ON: REECOX 01-2018

Dear readers, EUROPEAN REAL ESTATE ECONOMY INDEX MOVES ON FROM ALL-TIME HIGH

As a member of the At the end of last year, the European Real Estate Economy Index reached an Netherlands were also still above average at -1.7 %, with Germany positio- Board of Managing all-time high, with a Euro Score of approximately 250. For the performance ned in the mid-range at -2.6 %. When taking a closer look at the develop- Directors of a Ger- indicator for Europe’s most important real estate markets, this marked the ment over the last few months and quarters, it is evident that the decline man real estate bank end of an upward rally that had been almost uninterrupted since 2012. In had already set in earlier at various times in the individual countries. Spain, with a European the first quarter of 2018 there were initial signs of a weakening trend. The France and Poland already showed negative signs towards the end of the // Medium to long-term financing of existing properties // Professional and individual support focus, I am delighted current REECOX Euro Score is 241.6 index points – the lowest value since third quarter. Although Spain has not seen a recovery since then, the other to announce an innovation. Each quarter, the May 2017. That represents a decrease of 3.3 % or 8.1 points since the end countries have since been showing positive indications in at least some of Deutsche Hypo REECOX (Real Estate Economy In- of 2017. At first glance there appears to be no clear reason for the current the months surveyed. The decline in Germany and Poland has been the dex) will give an overview of the respective real decline. All six countries observed are showing a negative development most moderate so far, with Spain, the UK and France performing worse than // Interim financing // Comprehensive market and industry knowledge estate markets in Germany, the UK, France, Po- compared to both the previous month and the previous quarter. At -4.2 %, the Euro Score overall. However, the absolute level must of course be taken land, Spain and the Netherlands, starting today. the decline between December 2017 and March 2018 was strongest in the into account when it comes to interpretations. As a stabilising force, Poland The index is made up of analogous country values UK, with France close behind at -3.9 %. Poland showed the most stable also has the smallest real estate market. France and the UK, on the other for leading share indices and leading real estate development where the real estate market contracted by only 0.1 %. The hand, have the biggest real estate markets after Germany. // Financing of project developments // Local know-how market indices or equivalent business climate in- dicators, along with central bank and government bond interest rates. DEUTSCHE HYPO REECOX-EYE // Financing of refurbishments // Tailored financing and term structures Following a record year in 2017, the REECOX is now showing a negative development for the first quarter of 2018 in all real estate markets. This has lasted for at least three months with only brief in- // Portfolio financing // Quick approval process and fast implementation terruptions. Has the turnaround in the current cy- cle of the European real estate market, which has lasted so long, perhaps already occurred?

Regards, // Acquisition financing for finance Sabine Barthauer

// Structuring // Reliability and continuity DEUTSCHE HYPO EURO-SCORE The Deutsche Hypo REECOX-Eye shows the current value of each real estate market compared to the others (length of iris) and the 241,6 size of the respective investment market (breadth of iris). // Syndication/underwriting // Constructive collaboration on an equal standing // Derivatives (via NORD/LB)

Besides traditional products, Deutsche Hypo also offers innovative approaches of commercial real estate ­finance. From a strategic cooperation with insurance companies and pension funds as well as the structuring of credit funds, we integrate financially strong financing partners. This is why we can also realize transactions of considerable Available on our website*: ­magnitude. This will benefit you. www.Deutsche-Hypo.de

*) Available in German and partly English 10 11 Broad investor basis Successful issues

€ 750,000,000 € 500,000,000 Funding mix Our funding Mortgage Pfandbrief Mortgage Pfandbrief ■ Public Pfandbriefe ■ 8 years 8 years Deutsche Hypo is one of the most Mortgage Pfandbriefe ■ Maturity 17.05.2024 Maturity 20.06.2025 ­renowned Pfandbrief banks in Unsecured ISIN DE000DHY4648 ISIN DE000DHY4861 Germany and one of the most ­well-known issuers in the ­market. 6,000 In addition to Pfandbriefe, we also ­issue unsecured bearer and 5,000 4,450 ­registered bonds. 3,938 4,000 3,572 3,526 2,250 Lead Managers Lead Managers 3,000 2,852 2,138 We have longstanding relationships 1,970 1,238 2,198 with a large number of German and 2,000 BayernLB, Natixis, NORD/LB, UniCredit + ABN AMRO, Deutsche Bank, DZ Bank, HSBC, 2,200 Bankhaus Lampe (Co-Lead) NORD/LB, UniCredit international investors and there- 1,000 Volumne in € millions € in Volumne 1,614 1,602 1,800 fore have a broad investor base. 1,328 As with our real estate financing 0 2016 2017 business, we distinguish ourselves 2014 2015 2016 2017 Outlook 2018 in our ­capital market business by our ability to react quickly and flexibly to customer needs and market ­requirements.

In doing so we are able to optimally Structure breakdown meet demand. Our cost-effective ■ Benchmark ■ Structured ■ Private Placements € 500,000,000 £ 355,000,000 issuing platform has proven itself as a competitive advantage in 100 % Green Mortgage Pfandbrief Mortgage Pfandbrief ­commercial real estate financing. 90 % 6 years 3 years 80 % Maturity 23.11.2023 Maturity 22.03.2021 70 % 59 ISIN DE000DHY4887 ISIN DE000DHY4937 73 70 68 60 % Green Bond 50 % In November 2017, Deutsche Hypo 3 has placed its first Green Pfand- 40 %

Volumne in % in Volumne 30 % 2 4 brief. The issue was very successful 1 Lead Managers Lead Managers and more than two times oversub- 20 % 38 28 scribed. The share of foreign inves- 26 28 10 % ABN AMRO, Crédit Agricole CIB, DZ Bank, Deutsche Bank, HSBC, J.P. Morgan, tors was high and Deutsche Hypo 0 % NORD/LB, UniCredit Toronto Dominion + NORD/LB (Co-Lead) gained a variety of new investors 2014 2015 2016 2017 with sustainable ambitions. 2017 2018

12 13 To a fruitful collaboration To a fruitful collaboration

With Deutsche Hypo you can rely on a partner who will use its experience and Together we can achieve great things expertise to achieve success for you. Since we were founded, we have risen to the challenge of achieving more for our customers. This is how we became one of the most successful and most renowned Pfandbrief banks in Germany.

Our specialists will offer you a high level of know-how, flexibility and service. Your contacts At the same time great emphasis is placed on acting as a partner. We rely on strong, long-term business relationships and look forward to making your Office Frankfurt Office Munich project a success with you. Because: Head Head Ingo Albert Harald Nolterieke Tel. +49 69 219 351 812 Tel. +49 89 512 66 70 Your success is : our benchmark Mobile +49 172 5182592 Mobile +49 172 4545019 [email protected] [email protected]

Office Hanover/Saving Banks Network Real Estate Investment Banking Your contacts Head Head Alois Algermissen Dieter Koch Tel. +49 511 3045 591 Tel. +49 511 3045 871 International Property Finance Office Madrid Mobile +49 172 5103037 Mobile +49 173 2450107 Head Head [email protected] [email protected] Thomas Staats Maria Teresa Linares Fernández Tel. +49 511 3045 163 Mobile +34 618 109905 Mobile +49 172 9234419 [email protected] [email protected] Institutional Investors Central Acquisition Head Head Christoph Hötzel José Luis Calderón Martínez Tel. +49 69 219 351 810 Tel. +49 511 3045 807 Office Amsterdam Office Paris Mobile +49 172 511 6517 Mobile +49 173 2365065 Head Head [email protected] [email protected] Wouter de Bever Anne-Isabelle Carbonnières Tel. +31 20 691 45 51 Tel. +33 1 550 484 85 Mobile +31 65 0737390 Mobile +33 6 297 947 22 [email protected] [email protected] Office Hamburg Customers North Rhine-Westphalia Head Head Thomas Hansen Peter Kleinhütten Telefon +49 40 376 55 310 Tel. +49 211 598951910 Office London Office Warsaw Mobil +49 172 5116515 Mobile +49 152 01518500 Head Head [email protected] Peter.Kleinhü[email protected] Markus Nitsche Beata Latoszek Tel. +44 20 742 947 00 Tel. +48 22 828 02 53 Mobile +44 77 95262414 Mobile +48 78 6865732 [email protected] [email protected] Office Berlin Head Alexander Firsching Tel. +49 30 2850163 11 Mobile +49 172 2765234 We will find the right financing solution for you. [email protected] Come and talk to us.

14 15 Deutsche Hypothekenbank (Actien-Gesellschaft) Osterstraße 31 30159 Hannover Telefon +49 511 3045-0 Telefax +49 511 3045-459 [email protected] www.Deutsche-Hypo.de As of: May 2018