P R E S E N T A T I O N H1/ A U G U S T

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1 P R E S E N T A T I O N H1/ A U G U S T

2 D I S CLAIMER The statements contained herein may include statements of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual results, performance or events may differ materially from those in such statements due to, without limitation, general economic conditions, including in particular economic conditions in the core business of DO Deutsche Office AG and core markets, general competitive factors, the impact of acquisitions, including related integration issues, and reorganization measures. Furthermore, the development of financial markets, interest rate levels, currency exchange rates, as well as national and international changes in laws and regulations, in particular regarding tax matters, can have a corresponding impact. Many of these factors may be more likely to occur, or more pronounced, as a result of terrorist activities and their consequences. The company assumes no obligation to update any information contained herein.

3 D EUTSCHE O F F I CE H 1 /2014 A T A GLANCE Final milestone of merger completed Integration completed Name change to DO Deutsche Office AG implemented Good letting result Letting volume of c86,500 sqm in H1/2014 (c9.1% of gross lettable area) c68,300 sqm lease extensions in H1/2014 c18,200 sqm of new leases in H1/2014 Vacancy at 19.4% in H1/2014 Financing cost further improved Ø cost of debt lowered by 20 bps to 3.5% as of 30 June 2014 Net-LTV improved to c55%, a reduction of 6.1% compared to Q4/2013 H1/2014 result dominated by merger related one-offs EUR 115.4m income from business combination and EUR 24.1m RETT/ transaction cost Net profit increase to EUR 97.9m EPRA-earnings in H1/2014 at EUR 20.6m after EUR 10.1m in Q1/2014 Net Asset Value and FFO development according to plan FFO at EUR 21.1m in H1/2014 after EUR 10.2m in Q1/2014 Net Asset Value at EUR 4.35 per share EPRA-NAV at EUR 4.61 per share 3

4 D E U T S C H E O F F I C E P O R T F O L I O D E T A I L S H 1 /

5 LETTING ACTIVITIES Letting result in Q2/2014 Q2 letting volume of c40,400 sqm thereof c5,600 sqm new leases thereof 34,800 sqm lease extensions Lease Expiry Profile as of June 30, m 57.9% Letting result in H1/2014 Total leasing volume in H1/2014 of c86,500 sqm (c9.1% of total lettable area) Thereof c18.2k sqm new leases Thereof c68.3k sqm lease extensions (ahead of plan) Good letting volume in H1/2014 in challenging markets Dusseldorf: c25.9k sqm (19.4% of turnover of the Dusseldorf letting market in H1/2014) Frankfurt: c6.9k sqm (4.3% of turnover of Frankfurt s letting market in H1/2014) c5.9k sqm of existing lease pipeline translated into new leases in July m 40m 20m - 3.8% 9.8% 10.0% 12.1% 6.5% Until YE From 2019 On 4.9 years WALT 5

6 RELEVANT LETTING A CTIVITIES I N Q 2 /2014 Neckarturm, Heilbronn Gross lettable area: 14,750 sqm Potsdamer Platz, Bonn H1/2014 letting volume c6.5k sqm (c44% of lettable area): c5.0k sqm lease extensions with Kaufland and Lidl-Foundation in Q2/2014 Letting volume ahead of business plan WALT: 4.8yrs Building fully let Carl-Schurz-Strasse, Neuss/Dusseldorf Gross lettable area: 12,650 sqm Heerdter Lohweg, Dusseldorf Letting volume c4.2k sqm in H1/2014 (c33% of lettable area): c2,800 sqm newly let to 5 tenants such as Auto Online, Bestseller and BAG in Q2/2014 Letting target 2014 (1.1k sqm) achieved by c400% Vacancy reduction to 28% Gross lettable area: 10,751 sqm Sigmund Schuckert Haus, Nuremberg Gross lettable area: 6,445 sqm Letting volume of 5.8k sqm in H1/2014 (c55% of lettable area): Long-term lease extension to BDO (3.1k sqm, 5 yrs) and Itenos/ GMG (3.1k sqm, 6 yrs) WALT extended to 6.7 yrs Building almost fully let (vacancy 5%) Letting volume YTD 48 % of lettable area: c3.4k sqm new lease (5yrs) signed in July 2014 Rental contract to start in April 2015 Full take-up likely by mid 2015 Gross lettable area: 37,691 sqm H1/2014 letting volume c15.1k sqm (c40% of lettable area): c13.7k sqm lease extension to GMG/ Telekom (short-term) Letting target 2014 (2.7k sqm new leases) achieved by 46% Vacancy reduced to 27% 6

7 U P D A TE REDEVELOPMENT A CTIVITIES Xcite, Dusseldorf H1/2014 letting volume c2.4k sqm (c7% of lettable area): c700 sqm newly leased to Xcite office provider Letting target 2014 (5.5k sqm) achieved by 21 % Vacancy rate at 78 % Increased level of inquiries Gross lettable area: 36,109 sqm Westend-Ensemble, Frankfurt Structured redevelopment process initiated Building permit application ( Bauvoranfrage ) submitted Management is in close contact with the city of Frankfurt BNP and Ballwanz mandated as advisors 7

8 U P D A TE SELLING A CTIVITIES I N Q 2 /2014 Hainstrasse, Leipzig and Gutleutstrasse, Frankfurt Sales contracts for properties in Leipzig and Frankfurt were notarised at the end of April/ beginning of May with a total selling volume of EUR 24.8m Selling price c5.7% above book value Leipzig (2 properties) Purchase price paid on 31 July 2014 Transfer of risks and rewards transferred on 1 August 2014 Frankfurt Fully vacant office building sold to a developer, who intends to convert it Condition precedent: Approval by the city of Frankfurt 8

9 P O RTFOLIO O V E RVIEW AS O F JUNE 3 0, Main focus: Metropolitan areas in Western Germany and Berlin Essen Dusseldorf Neuss Bonn Trier Bremen Recklinghausen Kaiserslautern Bruchsal Hamburg Dortmund Ratingen Cologne Böblingen Eschborn Frankfurt Dreieich Weiterstadt Darmstadt Erlangen Berlin Nuremberg Heilbronn Ludwigsburg Stuttgart Filderstadt Ismaning Munich Key Data 54 investment properties*, thereof 39 multi-tenant c550 lease contracts Rental area: c940k sqm Fair value (IFRS): EUR 1,855m Annualized rental income: EUR 111m Current Gross Yield: 6.0% EPRA net initial yield: 5.2% Focus: TOP 7 Metropolitan Areas Essen 6% Darmstadt 11% WALT: 4.9 years Vacancy rate: 19.4% Other 20% Düsseldorf 19% Other (each <5%) 25% Health Care/Pharma 10% Frankfurt 17% Diversified Tenant Structure Business Services 11% Based on rental income Nursing Home 7 % Logistics 3 % Retail 4 % Hotel 2 % Real Estate 12% Main Usage: Office Insurance 24% Telecoms 18% Hamburg 2% Munich 4% Cologne 6% Stuttgart 6% Berlin 9% Office 83 % Based on sqm Based on rental income * For 3 additional properties notarised purchase agreements in place (asset s held for sale) as of 30 June

10 F I N A N C I A L D A T A H 1 / ( I F R S ) 1 0

11 Rental revenues and Net operating income Rental revenues in EUR m Pro-Forma: Pro-Forma full H1: Net operating income (NOI) in EUR m Pro-Forma: Pro-Forma full H1: Jan-Jun 2013 Jan-Jun Jan-Jun 2013 Jan-Jun 2014 like for like H1/2014 like for like H1/2014 high impact Kastor/Xcite January PO REIT figures Kastor/Xcite January PO REIT figures sold properties sold properties Summary Pro-Forma rental revenues (EUR 54.1m) slightly increased y-o-y if disposals (EUR c10.3m), vacancies in Kastor and Xcite (EUR c6.5m) and the effect that Prime Office REIT-AG is consolidated only from end of January on (EUR c2.4m) were adjusted Decline (EUR c17.7m) in like-for-like net operating income because of property disposals (EUR c9.6m), vacancy costs and effective date of business combination end of January (EUR c2.4m) 11

12 Financial result Financial result in EUR m Jan-Jun 2013 Jan-Jun ,3-27,9-15 Summary Financial result significantly improved due to attractive financing conditions following refinancing and substantial debt repayments at the end of February 2014 H1/2014 includes EUR c4.8m loss in swap valuation Current debt outstanding: EUR 1,081m Ø cost of debt of 3.5% (down from 3.7%) resulting in expected interest expenses of EUR c19.2m in H2/ ,9-1,4 Pro-Forma full H1: ,0 Pro-Forma: 36.8 like for like H1/2014 sold properties January PO REIT figures non recurring items 12

13 EPRA-earnings EPRA-earnings in EUR m 01/01 to 30/06/2014 Pro-Forma 01/01 to 30/06/2013 Consolidated net income (a) gain/loss on measurement at fair value Summary Consolidated net income affected by one-off effects of first-time consolidation of Prime Office REIT-AG in Q1/2014 EPRA-earnings in line with expectations, yet below 2013 because of property disposals and vacancies (b) losses on disposal of investment properties (c) income due to business combination (d) cost of transaction in relation to business combination (e) change in market value and special items due to termination of financial instruments (f) deferred taxes in relation to EPRAadjustments EPRA-earnings EPRA-earnings per share (in EUR)* *163,464,928 average no. of shares outstanding used for calculation purposes (comparable period: pro-forma 133,941,345 shares after merger) 1 3

14 Funds from Operations Funds from operations Summary Pro- Forma Increasing momentum: FFO in Q2/2014 at 10.9m Euro up from 10.2m Euro in Q1/2014 in EUR m 01/01 to 30/06/ /01 to 30/06/2013 Consolidated net income affected by one-off effects of firsttime consolidation of Prime Office REIT-AG in Q1/2014 Net rental income Administrative expenses -4.9 * -6.4 Other income 1.2 ** 2.7 Other expenses -0.8 *** -0.8 Financial result **** Funds from Operations (FFO) FFO per share (in EUR) Decrease in net rental income due to property sales and vacancies could not be fully compensated by improved financial result With rental agreements already signed in the past, tenants moving into the buildings and effects from improved financial result in H2, we expect an acceleration of FFOgrowth in the next quarters * adjusted for provisions for closure of Munich offices (0.5m Euro) ** adjusted for earnings from business combination (115.4m Euro) *** adjusted for transaction cost of the merger (24.1m Euro) **** adjusted for changes in market value and early termination of swaps (H1/2014: 4.8 m Euro) adjusted for non cash interest expenses for subordinated interest-bearing loans to related companies until the date of deposit to equity (H1/2013: 2.2 m Euro) as well as exceptional items from early termination of loans (H1/2013: 1.8 m Euro) 163,464,928 average outstanding shares used for calculation (comparable period: pro-forma 133,941,345 after the merger) 1 4

15 Net debt, LTV and debt maturity Net debt Loan-to-value (net) in EUR m in % , , * * Debt maturity profile Summary Attractive, long-term financing structure: in EUR m Net-LTV at 55% Average cost of debt further reduced by 20 bps to 3.5%: Cost of debt better than originally planned (c4%) Hedging: 82% (64% via swaps, 18% via caps) Average maturity 4.8 yrs. No material maturity prior to June 2017 Market-based financial covenants comfortable headroom * Pro-Forma 1 5

16 Net Asset Value Summary pro-forma in EUR m 30/06/ /12/2013 Investment properties 1, ,904.1 Interest bearing loans -1, ,256.7 Cash and cash equivalents Other assets and liabilities Net Asset Value (NAV) Net Asset Value (NAV) per share (in EUR) 4.35 * 5.31 * Fair value of derivative financial instruments Diluted EPRA-NAV Diluted EPRA-NAV per share (in EUR) * NAV increased to EUR 784.3m Positive impact: Cash capital increase (EUR 128m) and the refinancings compared to Dec 31, 2013 (pro forma: EUR 711.5m ) Negative impact: Fair value adjustment of EUR 33.3m of which EUR 25.9m for Frankfurt s Westend-Ensemble (EUR 25.9m) and higher negative fair values of derivative financial instruments Fair value of derivative financial instruments Diluted EPRA-NNNAV Diluted EPRA-NNNAV per share (in EUR) * *133,941,345 shares used for calculation purposes following the merger 1 6

17 F Y G U I D A N C E 1 7

18 G U I D A N CE F Y 2014 We expect FY 2014 rental income in the range of EUR 109m 111m and confirm our FFO-Guidance in the range of EUR 44 46m. Unchanged pay out of 40 45% of FFO targeted for FY

19 THANK YOU VERY MUCH FOR YOUR ATTENTION 1 9

20 D E U T S C H E O F F I C E M A A R W E G 165 D C O L O G N E W W W. D E U T S C H E - O F F I C E. D E RICHARD BERG HEAD OF INVESTOR RELATIONS & CORP. COMMS TEL RBERG@DEUTSCHE-OFFICE.DE