UBS Global Real Estate CEO/CFO Conference. December 1/2, 2015

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1 UBS Global Real Estate CEO/CFO Conference December 1/2, 2015

2 01 ADO OVERVIEW AND INVESTMENT HIGHLIGHTS

3 Overview ADO the pure play Berlin residential specialist Investment highlights Berlin residential pure play with a 1.2bn quality portfolio 1 Efficient, fully integrated and scalable platform with clear strategy to create value. This unique platform allows management to have in-depth knowledge of the Berlin market from almost a decade of local presence Exceptional rental growth demonstrated with 6.2% average annual like-for-like growth over the past three years ( ) supported by quality portfolio, smart targeted capex investments and active management Key portfolio metrics (per Q3 2015) Buildings 258 Residential Units 13,851 Commercial Units 757 Total Units 14,608 Lettable area (sqm) 974,679 Property value 1.2bn EPRA NAV 719m Current cash position 197m LTV 41.8% 4 Conservative financial strategy with c % target LTV, c. 6 years weighted average maturity, with low (2.6%) average cost of debt and marginal cost of debt of 1.7% supporting FFO profile In-place rent 67.6m 1 Excl. 0.2bn new acquisitions signed after the end of the quarter Our properties a focussed residential portfolio¹ Commercial² 11% Other 2% with potential for privatization³ Privatization potential c. 11% Privatization portfolio 2% Milastr. Prenzlauer Berg Lübecker Str. Mitte Möckernstr. Kreuzberg Residential 87% Hold portfolio 98% 1 Based on in-place rent total portfolio 2 Commercial in-place rent mainly as part of residential buildings 3 Based on residential lettable area 2

4 ADO delivers on operational and financial targets Target at IPO (July 2015) Realization 1 Like-for-like rental growth Approximately 5% 6.5% as per Q (LTM) 2 EBITDA margin 78%-79% 78.1% (Q3 2015) 3 FFO I forecast m 4 Privatizations 50 units in 2015 Approx. 30m, targeting approx. 39m next year with the new completed acquisitions On-track with 35 units in 9M 2015 and 15 units in Q Investment of primary proceeds Spend 200m primary proceeds in months post IPO On-track with 156m of investments, including 148m in Q LTV LTV range of 45% - 50% 48% including the Q4 acquisitions, before Revaluation of the portfolio 7 Long-term growth Doubling the portfolio to 30,000 units by 2020 Over 1,200 units acquired post IPO, mostly in Q comprising to 16,000 units ADO remains committed to realizing its operational and financial targets 3

5 02 ADO PORTFOLIO AND STRATEGY

6 ADO has a high quality centrally located Berlin portfolio ADO portfolio focused on Central locations W Spandau Reinickendorf Charlottenburg -Wilmersdorf Steglitz- Zehlendorf N Mitte Central S Pankow Friedrichsha in-kreuzberg Neukölln Tempelhof- Schöneberg Lichtenberg Marzahn- Hellersdorf Treptow- Köpenick Building locations: Central locations 1 North East South West New acquisitions 2 E High quality turn of the century 55% 6% < % % Year of construction 8% % mostly low rise buildings % of buildings 29% % of buildings 26% 22% 19% 3% < # of floors 1% >18 Key metrics residential portfolio 2 Central locations 1 North East South West Total Property value (in mill. ) ,221 Number of units 5,648 2, ,636 13,851 Avg. Rent in / sqm / month Avg. New letting rent in / sqm / month Occupancy (physical) 97.3% 96.4% 94.4% 98.3% 93.7% 96.0% 1 Berlin s central locations comprise the districts Charlottenburg-Wilmersdorf, Friedrichshain, Kreuzberg, Mitte, North Neukölln, North Steglitz, Prenzlauerberg, South Reinickendorf and Schöneberg 2 New acquisitions signed after the end of the quarter, not included in the table. 100% exposure within Berlin city borders with 50% in Central Locations 5

7 New deals of 1,142 units in Berlin fitting our portfolio with attractive upside Key metrics Acquisition price m 1,705 / sqm Residential / commercial area sqm 71,875 /15,214 Number of residential 2 /commercial units 1,021 / 121 Rental income p.a. 1 for 100% of the asset value 2 Including 35 condo units 7.1m Avg. rent / sqm / month current 6.5 Avg. new lettings rent / sqm / month 8.5 Vacancy residential/commercial 3% / 12% Estimated FFO1 4.5m W Spandau Reinickendorf Charlottenburg -Wilmersdorf Steglitz- Zehlendorf N Mitte Central S Pankow Friedrichshain -Kreuzberg Neukölln Tempelhof- Schöneberg Lichtenberg Marzahn- Hellersdorf Treptow- Köpenick E Portfolio and assets located mainly in highly demanded districts such as Prenzlauer Berg, Kreuzberg, Neukölln, Lichtenberg and Pankow Mixed property age predominantly Altbau buildings from the turn of the century Substantial rent upside for new lettings with approx. 30% reversionary potential to market rents Existing financings of 57 million with an average interest rate of 2.0% to be taken over Expected annual FFO contribution ca. 4.5m in the first year Max-Beer-Str. 7 Mitte Horstweg 40 Charlottenburg Christburger Str. 5 Prenzlauer Berg Sizeable acquisition with a strong fit to the existing ADO portfolio 6

8 Active asset management and smart targeted capex investments are the key drivers of our business model Residential like-for-like rental growth 1 (%) From modernization capex From fluctuation w/o capex and vacancy reduction 5.8% 2.5% 1.5% 1.8% Includes vacancy changes Maintenance & capex ( / sqm) 4.7% 1.3% 1.0% 2.4% 2013 Regular rent increases 8.0% 3.3% Avg.: 6.2% 1.6% 3.1% Avg % 3.3% 2.6% 0.6% Q (LTM) 9M Maintenance Average of 6.2% p.a. residential like-for-like rental growth over the past three years, driven by: Growth beyond rent table through targeted capex investments, improving the quality and rent level of the portfolio Rent increases to market levels through tenant fluctuation without capex & reducing portfolio vacancy by active marketing with location specific approach High regular rent increases implemented up to the legal limits, resulting in rent increases for 31% of existing tenants in 2014 Capitalized maintenance Modernization capex Total Annualized figures Exceptional rental growth continues 7

9 Vacancy reduction of like-for-like 180bps by active management delivers additional growth Vacancy split¹ 5.0% 4.5% 4.0% 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% 4.8% 0.4% 2.5% 1.9% 4.0% 0.4% 2.0% 0.7% 0.3% 0.6% Q Q Total 3.0% 0.8% 1.2% 1.0% Q like-for-like Marketing Marketing (Carlos) Construction Construction (Carlos) Sales Only 0.9% of current vacancy is held by marketing 2.7% of the vacancy result from units currently being refurbished The Carlos-Portfolio accounts for 2.3% of total vacancy More than 85% of the vacancy in the Carlos portfolio is under ongoing construction work as the portfolio is still in its stabilization phase Vacancy rate in the original portfolio dropped by 180bps in the first nine month of 2015 to 3.0% 1 Based on physical vacancy, residential only; commercial vacancy rate Q % vs Q % Significant vacancy reduction since the beginning of the year 8

10 Case studies Löwenberger Straße & Carlos Portfolio Löwenberger Straße Investment & turnaround on track Key metrics (per September 30, 2015) Location Lichtenberg Acquisition price 13m Number of units 380 Avg. rent / sqm / month at acquisition 8.36 Avg. rent / sqm / month current 8.94 Avg. new lettings rent / sqm / month 9.87 Target occupancy 98.0% Income increase since acquisition +35% Carlos Portfolio Integration and improvement ongoing Key metrics (per September 30, 2015) Location Spandau & Reinickendorf Acquisition price 376m Number of residential units 5,749 Avg. rent / sqm / month at acquisition 5.19 Avg. rent / sqm / month current 5.24 Avg. new lettings rent / sqm / month 5.96 Rent restricted units 48% Occupancy steadily increasing since turnaround in Feb 15 90% 80% 70% 60% 50% 70.2% stabilization phase 56.6% Unit refurbishments completed; the remaining 50 vacant units are with marketing for renting out 1,969k capex since acquisition on 207 units ( 292 / sqm) to create up-to-date standards, of which 174 are already let 87.7% at takeover Jul 14 Aug 14 Sep 14 Oct 14 Nov 14 Dec 14 Jan 15 Feb 15 Mar 15 Apr 15 May 15 June 15 July 15 Aug 15 Sep 15 Oct new lettings signed since acquisition with an average new letting rent of 5.96 /sqm (14% above average in place rent) Capex investment program is on-going and on track, currently 268 units under construction (represents 88% of Carlos vacancies). Additional 26 units are currently with marketing department for renting out leading to an overall vacancy rate of 5.3% Preparations for rent increases under the cost rent system are progressing and will be executed in 2016 Hands-on management combined with targeted investments drives significant KPI improvements 9

11 03 FINANCIAL OVERVIEW

12 Overview of FFO Comments In EUR m Q1-Q Q Year 2014 EBITDA from rental activities Net cash interest (12.6) (4.6) (11.1) FFO1 (from rental activities) Maintenance capital expenditures 2 (2.6) (2.2) (3.4) AFFO from rental activities Net profit from privatizations FFO2 (incl. disposal results) FFO 1 EUR per share FFO2 EUR per share Note: On July 23, 2015 the Company issued 10m new shares as part of the IPO. The number of shares is calculated as the weighted average number of shares for the period. 2 Maintenance and CAPEX In EUR / per sqm Jan 1 Sep 30, 2015 Jan 1 Dec 31, 2014 Maintenance Capitalized maintenance Modernization CAPEX Total FFO has increased strongly compared to 2014 benefitting from strong organic and acquisitive rental income growth. Although our income from rental activities increased by 2% compared to Q2, our FFO 1 remains stable, as the first six months did not include the costs of being a public company. The quarterly results reflect an FFO yield of 4.7% on our EPRA NAV that was negative impacted by the Company s free cash position of 197 million. After the reporting period, the Company purchased more than additional 1,100 units, which will increase its annualized FFO to approximately EUR 39 million, reflecting a pro-forma FFO yield of 5.4% on our current EPRA NAV. 2 Total investment into the portfolio in the third quarter of 2015 amounted to 4.9 million and for the first nine months 12.3 million. The reduced cost per sqm compared to year 2014 on the modernization capex and capitalized maintenance results from the high levels of investments in 2014 and the integration of the Carlos portfolio in the second quarter, where the investment program is still building up. The investment in our original portfolio was in line with historic levels which supported our strong 6.5% like-for-like rental growth. 3 Maintenance capital expenditures (public) refers to investments to preserve the quality and value of properties and does not include investment capex. 4 Our privatization business started at the end of In the first nine months of 2015 we sold 35 units, on track to achieve our 50 units target until the end of the year. The comparably low taxable profit of 15% results from the fact that most of these units have already been acquired as condominiums and have therefore been carried at higher values in our books compared to assets which have been acquired as rental only properties. The average sales price of 2,796 per sqm compare to an average portfolio value of 1,253 per sqm. 11

13 Overview of balance sheet Comments In EUR m Sep 30, 2015 DEC 31, 2014 (Unaudited) (Audited) Investment properties 1 1, Other non-current assets 3 1 Non-current assets 1, Cash and cash equivalents Other current assets Current assets Total assets 1, Interest bearing loans Amounts due to related parties Other liabilities Deferred tax liabilities total Liabilities Total equity attributable to shareholders of the company Non-controlling interests 4 1 Total Equity Total shareholder s equity and liabilities 1, Add back shareholder loans (to be converted upon IPO) Adjusted Equity EPRA NAV No. of shares EPRA NAV per share Total portfolio value of 1,221m as at 30 September, 2015 includes both trading and investment properties. Carlos Remaining portfolio - mostly in Central Berlin Total Total fair value 377m 844m 1,221m Value per sqm 941 1,470 1,253 Multiplier (current rent) 15.7x 19.4x 18.1x Multiplier (new letting rent) 13.2x 14.3x 13.9x 2 Interest bearing loans include 693m loans from banks and a loan from Harel in an amount of 19m related to the WayPoint portfolio. 3 Includes only loans and capital notes from ADO Group. On July 23, 2015, together with the IPO, the loans were converted to equity as a non-refundable capital (surplus) contribution without issuance of new shares. 4 Our NAV per share is EUR as of 30 September, The fair value of the investment properties is based on valuations for March 31, 2015 performed by CBRE. The Company will update the fair value of the investment properties in the annual reports. The current average capitalization rate which was calculated based on the net operating income for the last month in the reporting period on an annualized basis, divided by the fair value is 4.8%. 12

14 Guidance We anticipate like-for-like rental growth going forward to be approximately 5% which would have positive impact over our portfolio value, NAV and NAV per share In the privatization business we confirm our guidance to sell at least 50 units for the full year 2015 and expect to sell around 100 to 150 from 2016 onwards For the full year of 2015 we confirm our FFO1 forecast to be approximately EUR 30 million The dividend payout ratio is expected to be between 30% to 40% of FFO1 Leibnizstr. Charlottenburg Transvaalstr. Wedding Bötzowstr. Pankow Schlesische Str. Kreuzberg Seelchower Str. Neukölln Kalischer Str. Wilmersdorf 13

15 04 CONTACT INFORMATION ADO Properties Am Karlsbad Berlin Germany Investor Relations +49 (30)

16 APPENDIX

17 Privatization activities on target Privatization results and outlook 35 units sold in first nine month of 2015 for gross proceeds of 6.6m, generating more than 100% uplift to avg. portfolio book value Comparably low taxable profit of 15% results from the fact that most units have already been acquired as condominiums and have therefore been are carried at higher book values Sales objectives of at least 50 units in 2015 on track ADO plans to privatise around units p.a. from 2016 going forward With the signed acquisitions additional 35 units will be added to the pipeline Current condominium conversion potential - Pipeline Units 2,000 1,600 1, ,156 1,696 Sales profit Avg. sales price vs. portfolio value /sqm 3,000 2,500 2,000 1,500 1, ,253 Avg. Portfolio value 30/09/15 2,796 Avg. sales price Value-oriented condo sales at prices exceeding fair value driven by strong demand Interest environment and population growth are supporting demand Ability to privatize is an important enabler for acquisition in the current competitive environment 0 Converted & Conversion in progress Eligible for conversion Total 35 units sold in first nine month of 2015 for an average sales price of 2,796 per sqm 16

18 Solid balance sheet with low cost of debt and long term financing with a targeted c % LTV Key financing figures and strategy Total bank debt of 693m - primarily mortgage backed/secured Average cost of debt of 2.6% 1 (2.5% on bank debt) 96% of interest is fixed or hedged No near term maturities with avg. weighted maturity of c. 6 years Mid-term target LTV of c % allowing fast execution of acquisitions from primary proceeds and target maturity for mortgage debt between 5 to 7 years Successfully secured financing for acquisition of Carlos portfolio at 1.7% Q LTV of 42% Loan maturity profile with weighted average debt maturity of c. 6 years 2.1% Bank debt ( m) % % 4.4% % 2017 Average interest rate Diversified funding with German mortgage banks by volume LTV (%) % 1.7% 2.6% 45 Old portfolio 70 New portfolios (Waypoint & Carlos) 1 Total of bank debt and 19m Harel loan 57 Combined 42 Q3 including free cash % Average interest rate 22% 22% 3% 2% 2% 25% 24% Solid financing structure supporting FFO and cash flows with a committed LTV target of 45-50% 17

19 Overview of profit and loss Comments In EUR m Q1-Q Q Year 2014 Income from rental activities Cost of rental activities (8.3) (3.3) (6.1) Net operating income Overhead costs (4.2) (1.7) (3.0) EBITDA from rental activities EBITDA from rental activities margin (%) 78.3% 78.1% 76.9% Net result from privatization sales EBITDA total Financial cost interest bearing loans 3 (12.6) (4.6) (11.1) Financial costs shareholder loans/net others 4 (6.8) (1.2) (2.7) IPO related expenses 5 (0.4) (0.4) - Depreciation & Amortization (0.2) (0.1) (0.1) EBT Income from rental activities for the first 9 months increased by 88% driven mainly by the integration of the Carlos portfolio from April 1, Comparing Q to Q it grew by 2%. Q3 reflects an annualized income of 72 million. Strong rental growth supported by our investment strategy In % Q (LTM) 2014 CAPEX 3.3% 3.3% Fluctuation 2.6% 1.6% Cost Rents 0.0% 0.3% Regular Increases 0.6% 2.8% Total 6.5% 8.0% 2 The EBITDA from rental activities increased by 81% for the first nine months 2015 compared to the nine months Q results represent an annualized EBITDA of EUR 52 million. 3 Financing relies predominately on bank financing provided by German mortgage banks that currently amounts to 693m and a 19m loan from Harel. The average interest rate is 2.6% 4 Includes mostly non-cash interest on loans from ADO Group which were all converted into equity at July 23, 2015 upon the completion of the IPO. 5 One-off expenses related to the IPO that were classified to the P&L in the financial statements. 18

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