Deutsche Annington Immobilien SE

Deutsche Annington Immobilien SE Roadshow Frankfurt, 3 rd November 2014 Rolf Buch, CEO Dr. A. Stefan Kirsten, CFO

Contents German Market 3 Operating performance 9M 2014 and Outlook 5 Group strategy 13 Property management strategy 15 Portfolio management strategy 21 Extension strategy 27 Acquisition strategy 30 Financing strategy 34 Appendix 39 2

We are well positioned in a favourable market environment Low home ownership driving rental demand High average tenancy length in years 58% 69% 77% 85% 14,2 12,0 46% 3,7 1,7 Germany France UK Italy Spain Deutsche Annington German avg. France avg. UK avg. Source: Federal Statistical Office, Euroconstruct, ifo Favourable household development in Germany (m) Source: Schader Stiftung (Germany), Clameur (France), Association of Residential Letting Agents (UK) Continuing supply / demand imbalance (units) 1 and 2 person households 3 and more-person households Total growth: +2.9% Dwellings in new buildings - completions in Germany Housing Demand 40 41 42 10 10 9 30 31 33 2010 2016 2025 Source: BBSR Raumordnungsprognose 2030. Projections based on 2009 numbers 350.000 300.000 250.000 200.000 150.000 100.000 50.000 0 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025 Source: Destatis, BBSR 3

Deutsche Annington at a glance (data as per 30.09.2014) Top 5 European real estate company 1 and the largest German residential firm² 184k (212k incl. all acquisitions in 2014) residential units well spread across Germany 97% of portfolio by fair value located in Western Germany and Berlin (and 84% of portfolio by fair value in states with strongest rental growth) More than 3.400 employees incl. own craftsmen organization with appx. 2.000 employees Standardized processes and industrialized platform Best-in-class financing structure in the German real estate sector Dedicated portfolio strategy and investment program focused on value creation 1 By market cap; ² In listed German residential sector 4

Highlights 9M 2014 Strong operating performance continues - 2014 guidance confirmed at upper end Dividend proposed at 0.78 /share (= ~70% of FFO 1) Positive development of business model ongoing Cost savings on track - Cost per unit decrease from starting point 941 to < 790 end of 2014 Modernisation program 2014 successfully completed despite higher volume ( 162m vs 150m initially planned) Modernisation program of > 200m identified for 2015, up 24% from 2014 Active portfolio management constantly improves long-term return profile Fast and smooth integration of recent acquisitions DeWAG completed, Vitus on track Capital structure medium to long-term shifts towards lower leverage 2015 outlook based on sustainable and profitable growth 5

All KPIs improving, strong operating performance continues *Based on number of shares as of 30 Sep and 31 Dec 2013 (224.2m) and 30 Sep 2014 (240.2m) Residential in-place rent (in /sqm) Total Portfolio Vacancy rate (in%) Total Portfolio 5.37 5.59 3.9% 3.6% 30 Sep 2013 30 Sep 2014 30 Sep 2013 30 Sep 2014 NAV ( m) NAV / share * ( ) Fair value ( m) Fair value per sqm ( ) 4,782.2 5,094.8 21.33 21.93 incl. dividend (for 2014) 21.21 10,326.7 11,392.3 945 901 31 Dec 2013 30 Sep 2014 31 Dec 2013 30 Sep 2014 6

All KPIs improving, strong operating performance continues *Based on number of shares as of 30 Sep and 31 Dec 2013 (224.2m) and 30 Sep 2014 (240.2m) Adjusted EBITDA ( m) FFO 1 ( m) Adj. EBITDA Rental 363.1 27.4 Adj. EBITDA Sales Adj. EBITDA Rental/unit** ( ) 400.2 35.7 364.5 FFO 1 / share * ( ) 163.4 205.0 335.7 2.017 0.85 1.865 0.73 9M 2013 9M 2014 9M 2013 9M 2014 **Based on average number of units over the period FFO 1 excl. maintenance ( m) AFFO ( m) 188.4 268.5 311.4 147.7 9M 2013 9M 2014 9M 2013 9M 2014 7

FFO by all definitions significantly exceeds previous year FFO evolution ( m) FFO breakdown 9M 2014 ( m) ( m) 9M 2014 9M 2013 Adjusted EBITDA 400.2 363.1 400 FFO 1 excl. maintenance (-) Interest expense FFO -153.5-166.3 (-) Current income taxes -6.0-6.0 (154) 311 (=) FFO 2 240.7 190.8 (-) Adjusted EBITDA Sales -35.7-27.4 (=) FFO 1 205.0 163.4 (6) 241 (36) 205 17 188 (-) Capitalised maintenance -16.6-15.7 (=) AFFO 188.4 147.7 (+) Capitalised maintenance 16.6 15.7 (+) Expenses for maintenance 106.4 105.1 (=) FFO 1 (excl. maintenance) 311.4 268.5 Adjusted EBITDA Interest expense FFO Current income taxes FFO 2 Adjusted EBITDA Sales FFO 1 Capitalised maintenance AFFO Comments Significant positive development of all FFOs In addition to DeWAG contribution, main driver is lower interest expenses from new funding strategy Reduced sales volume at increased step-up lifts up sales result 8

KPIs for Privatisations and Non-Core up further Privatisation FY 2013 9M 2014 # units sold 2,576 1,778 Gross proceeds ( m) 223.4 184,4 Privatisation volume tend towards upper end of 2014 target Fair value step-up significantly above last year s level Fair value disposals ( m) -178.8-134,9 Gross profit ( m) 44.6 49.5 Fair value step-up 24.9% 36.7% Target > 20% Non-Core Disposals FY 2013 9M 2014 # units sold 4,144 873 Non-core sales on track Disposals above fair value Gross proceeds ( m) 130.1 28.6 Fair value disposals ( m) -131.7-26.9 Gross profit ( m) -1.6 1.7 Fair value step-up -1.2% 6.6% Target = 0% 9

NAV-Bridge steadily upwarding NAV-bridge to Sep. 30, 2014 ( m) Comments 1.004,6 5.094,8 5.520,8 Transaction costs of capital increase 288,0 117,3 3.805,5 3.998,4 16,0 (168.2) (2.0) (57.9) (0.3) 91,8 Other comprehensive income includes effects from derivate and pensions Equity attrib. to shareholder Dec. 30, 2013 Shareholder`s capital contrib. Capital increase Dividend Transaction Distribution costs Profit for the period Other compr. income Other Equity attrib. Fair value to of non-fx shareholder derivatives Sep. 30, 2014 Deferred taxes NAV Sep. 30, 2014 Market Cap. Sep. 30, 2014 Note: Rounding errors may occur 10

2014 guidance confirmed at upper end FFO1 in range of 280-285m, dividend of 0.78 Guidance (Feb. 2014) (July 2014*) (Sept. 2014*) L-f-l rental growth 2.3 2.6% 2.3 2.6% 2.3 2.6% Modernisation program 150m 160m 160m Disposals (privatisation) ~1,800 units 2,000-2,100 units 2,100-2,200 units Step-up on FMV (privatisation) 20% 30-35% 30-35% FFO 1 250 265m 275 285m 280 285m Dividend policy ~70% of FFO 1 ~70% of FFO 1 ~70% of FFO 1 Dividend/share 0.78 * Including pro-rata contribution of acquisitions, excluding disposal of Vitus NRW-Portfolio 11

Outlook 2015 - Further improvement of all KPIs Guidance 2014 Outlook 2015 l-f-l rental growth 2.3 2.6% 2.6 2.8% Rental income FFO 1 ~ 785m 280 285m 880 900m 340 360m NAV/share 1) 23 24 24 25 Modernisation program ~ 160m > 200m Planned disposals (privatisation) 2,100-2,200 units ~1,600 units Step up on FMV (privatisation) 30-35% ~30% Dividend policy 78 cent/share 2) ~70% of FFO1 1) Includes adjustment of NAV calculation to more strictly reflect EPRA Best Practices Recommendations; NAV does not include any potential yield compression in year end fair value assessment; Based on existing capital structure 2) = ~70% of FFO 1 12

Innovative Traditional Our strategy: The engine and the turbo 1 2 Maintain adequate liquidity at all time while optimising Financing financing costs based on strategy target maturity profile and rating 3 4 Property management strategy Portfolio management strategy Extension strategy Reputation & customer satisfaction Optimise EBITDA by increasing rent, reducing vacancy, reducing operating cost, adequate maintenance Optimise portfolio by investment program, sales and tactical acquisitions Increase customer satisfaction/value by offering value-add services 5 Acquisition strategy Increase FFO/share without dilution of NAV/share Increase critical mass to further support operational strategies Engineering next generation German residential real estate Elements 1 & 2 ensure a decreasing cost basis and keep the organisation lean. Elements 3 & 4 create sustainable growth and power portfolio value generation. We are changing the product. Acquisitions do feed all elements, but are not necessary for growth generation. We have a strategy that works without acquisitions, but acquisitions can be a turbo 13

Our portfolio provides a high value uplift potential from modernisation and privatisation Portfolio segmentation 1) Portfolio distribution Rental Only (83%) Operational value generation through Rental growth Vacancy reduction Effective and sustainable maintenance spend Cost efficiency through scale I. Operate No need for larger action in the next few years YE 12: 44% YE 13: 39% Core 97% Additional value creation through investments 800m capex opportunities Returns above cost of capital Cost of capital lower than for acquisitive growth Track record of c. 160m of investments since 2010 at 7% unlevered yield on average II. Upgrade Buildings Energy efficiency upgrades 500m of opportunities identified III. Optimise Apartments Invest in apartments for senior living and high standard flats in strong markets 300m of opportunities identified YE 12: 23% YE 13: 25% YE 12: 14% YE 13: 20% Additional value creation through retail sales Total of 21k apartments prepared Track record of selling >20% above fair value IV. Privatise Sell opportunistically if sufficient value premium is offered YE 12: 14% YE 13: 13% Noncore 3% Insufficient medium- to long-term growth prospects V. Non-core Sell around fair value YE 12: 5% YE 13: 3% 1) Note: Percentage figures denote share of total fair value, as of 31 March 2013 and 31 December 2013 14

Fully on track to achieve increased cost saving target Property management strategy Line FY Target Status 9M/2014 Comments Headcount reduction ~ 12m Slightly behind Slightly behind as initial plan has been adjusted for acquisitions Elderly part time program Pay roll reduction IT cost ~ 2m Slightly ahead TGS ~ 5m On track Lower process cost Lower wide area network cost Higher sales Improved margin due to better business processes Other operating cost ~ 5m Well ahead Overall lower SG&A and PTU cost Total > 24m Slightly ahead 15

Cost saving program and acquisitions lead to a best-in-class cost structure Property management strategy Increased cost saving program lifts savings up to ~ 150/unit (up from initial target 120/unit) Effect of acquisitions in 2014 minor, as units count pro rata, full effect from 2015 onwards Cost per unit ( ) 1,250 1,150 Competitor II 2013 (1,158) 1,050 950 850 750 Competitor I 2012 (936) 2011 (872) 2012 (871) Competitor III 2012 (1,000) 2013 (980) 2011 (958) Competitor IV 2013 (960) 2012 (896) 2013 (850) 2011 (855) Old target 2014 (820) New target 2014 (~800) Deutsche Annington Starting point 2014 (941) 2012 (850) 2013 (830) 2011 (810) 2014 incl. all transactions (<790) 650 40 50 60 70 80 90 100 110 120 130 140 150 160 170 180 190 Definition: (Rental Income EBITDA Rental adjusted + Maintenance) / average # units Rental EBITDA adjusted to fit Deutsche Annington definition Ø residential units ( 000) 16

The use of ipad-technology in property management reduces the time effort of administrative tasks Property management strategy 17

allowing us to optimize field service productivity and reduce costs Property management strategy Timetable for implementation of ipad usage: Phase 1 - churn process: initial/final acceptance, handing over, viewing appointments, meter reading Go-Live Vitus-portfolio with ipads 06/2014 07/2014 08/2014 09/2014 10/2014 11/2014 12/2014 2015 Pilot Phase service inspection Phase 2 - miscellaneous processes : tenant consultation, accounts receivable management, technical request Phase 3: matching, technical processes Current situation heavy IT equipment (notebook, camera, DigitalPen with printed form, securitytoken, ) plenty of complex IT processes necessary (e.g. photo export, etc.) no off-line solution, sometimes poor mobile broadband support cost-intensive IT equipment and licenses necessary replacement investment of IT equipment necessary Future only one device (ipad mini cellular) instead of a current minimum of four intuitive app for all business processes with high user friendliness 100% off-line processing possible integrated photo function to speed-up processes Significant cost reduction 18

FFO 1 AFFO Cash Flow Our continuously high maintenance level ensures a sustainable rental growth in our portfolio Property management strategy /sqm 30.00 Maintenance ( /sqm) Capitalised maintenance ( /sqm) Modernisation ( /sqm) 29.29 25.00 20.00 18.43 19.95 14.29 15.00 10.00 14.06 2.89 0.89 15.95 5.59 3.95 1.29 2.02 6.19 1.84 2.90 5.00 10.28 10.71 10.82 11.93 12.10 0.00 2010 2011 2012 2013 Estimate 2014 1 included in 1 Including DeWAG 19

We are able to reduce the effects of Mietpreisbremse by benefitting from our unique modernisation skills Property management strategy With our German-wide presence and the approach to offer affordable living, only very few of our assets are located in potential high demand housing markets, where Mietpreisbremse might be applied Assessed potential risk of lost rental growth amounts to around 0.2% p.a. 1. Do nothing accept situation No option for Deutsche Annington, as it leads to growth stagnation Options for DAIG 2. Only comprehensive, high-end-luxury modernisations 3. Shift strategy to portfolio privatisation only 4. Broaden and expand rent-related investments No option for Deutsche Annington, as not in line with our general principle to offer `affordable living. No option for Deutsche Annington, as not in line with our position of being Germany s largest residential real estate manager The only realistic scenario for Deutsche Annington due to the strategic advantage of TGS. 1. Highest implementation probability through countrywide availability of craftsmen capacity 2. Cost efficiency and economies of scale result in lower costs for tenants and lead to higher acceptance of modernisation efforts Although Deutsche Annington might be affected by the Mietpreisbremse, it offers the opportunity to focus even stronger on our strategic advantage socially accepted modernisation executed by TGS, our own craftsmen organisation. 20

Our modernisation program is capitalising on mega-trends supported by German regulation Portfolio management strategy Upgrade Buildings Targeting energy efficiency European CO 2 emission targets (vs. 1990 levels) 100% 80% 5-20% 1990 - Base 2020 2050 Further targets by 2020: 20% increase in energy efficiency 20% share of renewable energy Strong regulatory push at the EU level towards energy efficiency Supportive German regulatory framework allowing for rent increases following modernisation (up to 11% of energy modernisation cost) Public subsidised funding available to support energy efficiency investments Optimise Apartments Capitalising e.g. on development of senior population > 60y 40-60y 20-40y 0-20y 100% 90% 80% 70% 60% 50% 40% 30% 35.5 20% 20.4 26.3 10% 1990 1994 1998 2002 2006 2010 2014 2018 2022 2026 2030 Significant increase in share of elderly population expected Public subsidised funding available to support investments into apartments for elderly people 500m investment opportunities identified 300m investment opportunities identified 1 Attractive growth potential at ~7% unlevered yield, proven by our track-record Source: European Commission, BBSR-Bevölkerungsprognose 2030 1) Including investments for senior living as well as investments in high demand markets 21

Our modernisation program is a sustainable success story Portfolio management strategy Positive track record 2014 substantially over-delivered & more to come m 150 162 200+ Successfully delivered on promise at IPO to substantially increase investments to ~ 150m p.a. 2015 contains both a steady invest flow to Deutsche Annington legacy portfolio as well as significant investments in acquired portfolios 65 Total invest volume > 200m 2013 Act IPO Guidance Vitus DeWAG 2014 FC 2015 Est. DAIG Yield commitment (7%) and invest focus (energy & demographic change) remain unchanged Preparations for all projects with construction start in Q1/2015 well advanced 22

Expected value growth in % Imbalanced market structure provides opportunities Portfolio management strategy Total Returns 2009-2012 (Market data on top 150 cities in Germany) Total return is the sum of current return and expected value growth Imbalanced market structure provides opportunities Growth is most crucial component But analyses of history shows rent forecasts by external data providers are not reliable Current return in % 23

Expected value growth in % Innovative portfolio management for sustainable profitable growth Portfolio management strategy Deutsche Annington s portfolio management approach (Deutsche Annington s analyses of Germany) We developed a framework to evaluate the housing market Growth is derived from basic demographic data and own estimates We will invest and acquire assets with above average returns and sell assets with low return We identified 10 cities with a priority for acquisitions Current return in % City Priority city for acquisitions 24

Expected value growth in % Expected value growth in % Active portfolio management approach pays off Portfolio management strategy Market DA avg Vitus (excl. NRW-Portfolio) avg DeWAG avg Franconia avg DA/Vitus (excl. NRW-Portfolio) /DeWAG/Franconia comb Current return in % Market Vitus avg Vitus NRW-Portfolio Vitus (excl. NRW-Portfolio) Current return in % All 2014 transactions perfectly enhance our portfolio acquisitions as well as disposals 25

We implemented an efficient process to acquire smaller portfolios fast and smoothly (tactical acquisitions) Portfolio management strategy With tactical acquisitions ( 500 units), we enlarge our transaction toolkit Our target is to refill reductions from privatisation sales by tactical acquisitions Standardised and lean fast track process (2-4 weeks) for tactical acquisitions implemented Low complexity leads to acceptable administrative cost Best use of regional market knowledge Requirements for strategic fit: Asset deal Focus region in line with growth-return matrix Significant Dt. Annington portfolio close by Property strategy (rental only) Lean and tailored process to drive tactical acquisitions First acquisitions as testing balloon in 2014, steady deal flow from 2015 onwards 26

Mio. maintenance and modernisation total cost in per unit Deepening The target of our extension strategy is to enlarge our traditional business and increases customer satisfaction Extension strategy Extend Core Business Key Objectives Traditional Business TGS Joint Venture Example Example Increase in customer satisfaction resulting in higher customer loyalty DTAG Partnership Additional contribution and growth from extensions of the value chain Improvement of efficiency, costs and quality of DA core business process chain Widening Strategic advantages of the TGS joint venture: Higher quality (build-up of know how, efficient & closely coordinated processes) High reliability (direct access to craftsmen capacities) Cost reduction (managing total costs of process) Nationwide scalable operating platform 330 Deutsche Annington order volume TGS serves the basis of our investments and offers a significant cost advantage 230 potential share TGS 160 TGS share 2014e 11,451 TGS 27% below average external offer price 14,574 average external offer price Example: Refurbishment of a vacant flat 27

We will focus on the systematical development of new services and products along social megatrends Extension strategy Social trend (impulse) Today (implemented) Tomorrow (in development) Demographic change Energy turnaround Energetic modernisation Senior-friendly apartments Modernisation at customer wish Heating modernisation Energetic modernisation Senior-friendly apartments Modernisation at customer request Heating modernisation!! Senior-friendly living Elderly care Local supply Other services Energy-efficient living Smart metering Smart home Decentralized energy supply Energy sales At customer request, e.g. Bathrooms Kitchens Floor Coating New services will complete our product offering along the social megatrends 28

Our innovative bathroom concept evidences our standardised & innovative processes Extension strategy Standardization process Degree of standardization 1. Implementation of private brand for ceramics and armatures 2. Concept for DAIG standard bathroom types 3. Development and implementation of a lump sum complete bathroom solution for sitting tenants 4. Direct marketing of bathrooms as service offering for sitting tenants in portfolio estates Achieved yields significantly higher than standard modernization measures 29

Number of residential units in `000 We see plenty of opportunities for acquisitions and have the power to bring them home Acquisition strategy Acquisition Deal Pipeline 2014 ytd ( 2k units) If it comes to an acquisition, we are a highly appreciated and reliable partner We offer transaction security. If we sign, we close as well in a relatively short timeframe. 55% Best-in-class financing strategy with fast access to a comprehensive set of funding tools. 34% 19% Our German-wide presence is a competitive advantage ( You don t easily find portfolios 4% of 5,000 units in one city ) We have a dedicated and well experienced Offers analysed Offers analysed in detail Due Diligence conducted Bid offered Transaction completed internal M&A team Our processes are standardised and fast Our deal criteria are transparent 30

However every potential acquisition is monitored by a dedicated process, keeping us disciplined Acquisition strategy Acquisition Criteria + Strategic fit Scale benefits, geographical diversification and strengthening footprint in growth regions, increase of asset density, etc. Fulfillment acquisition Accretive criteria At least neutral + FFO / share of all DA s NAV / share BBB Rating (stable) Maintaining Investment grade rating Return matrix is a powerful model to make an early decision about the strategic fit of an offered portfolio The cage keeps us highly disciplined and prevents us from overpaying - a high risk in current markets 31

The acquisition of Vitus, DeWAG & Franconia in 2014 (37k units) perfectly fit to our portfolio Acquisition strategy Comparison of Portfolio Locations Portfolio Comparison 1 Vitus DeWAG Franconia vitus DeWAG Franconia DAIG Combined Number of units 20,505 11,412 5,042 175,258 212,217 Vacancy 3.8% 4.3% 4.8% 3.5% 3.6% Rent/sqm 5.00 6.62 5.52 5.40 5.43 Portfolio Split Top 3 cities (# residential units) By Age 1 Franconia figures as of 31.07.2014 - DAIG, DeWAG and vitus as of 31.12.2013 (used for comparison purposes) vitus 1. Bremen (9,758) 2. Kiel (9,246) 3. Nordenham (443) DeWAG 1. Augsburg (1,263) 2. Berlin (840) 3. Frankfurt am Main (778) Franconia 1. Berlin (2,460) 2. Dresden/Erfurt/Jena/Leipzig (1,409) 3. Boizenburg (976) DAIG 1. Dortmund (17,541) 2. Berlin (12,875) 3. Essen (9,491) 100% 80% 60% 40% 20% 0% DAIG DeWAG Franconia vitus Combined before 1949 1949-1960 1961-1975 1975 - today 32

Our new assets offer compelling upside potential: Modernisation +10,301 units, privatization +4,169 units Acquisition strategy Comments Pro-Forma Portfolio Segmentation All 36,959 residential units have been analyzed on-site Deutsche Annington Vitus* DeWAG Franconia 2 Pro-forma Combined More than 70 parameters per property were collected (eg repair & maintenance need, new-letting rents, vacancy, fluctuation) Non-Core Privatize 100% 175.3k 3% 10.0k 13% 19.9k 100% 20.5k 100% 1% 0.3k 3% 11% 1.9k 4% 0.8k 22% 11.4k 0.4k 2.3k 100% 8% 5.0k 0.4k 100% 3% 13% 212.2k 11.1k 24.6k Non-Core Portfolio Additionally we assessed 8 individual initiatives per property Modernisation (energetic, add. Balconies, attic extensions) Apartments optimisation and senior living Optimize Apts. Upgrade Bldgs. 20% 25% 31.9k 45.5k 19% 4.0k 13% 22% 1.6k 2.2k 30% 5% 1.5k 0.3k 18% 24% 35.8k 51.9k Core Portfolio Privatisation, block sales, ground sales Operate 39% 68.0k 65% 13.6k 39% 4.9k 57% 2.9k 41% 88.9k FMV (%) units FMV (%) units FMV (%) units FMV (%) units FMV (%) units *excl. NRW portfolio 33

Fast and smooth integration of recent acquisitions Acquisition strategy 2014 2015 Today Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 DeWAG integration completed Vitus 1. Signing 2. Closing 3. Integration of Finance / Accounting 4. Integration of real estate administrative & technical processes 5. Finalisation and transfer of former periods PTU billing Franconia 1. Signing 2. Closing 3. Integration of Finance / Accounting 4. Integration of real estate administrative/technical processes 5. Finalisation and transfer of former periods PTU billing 1 1 2 3 4 2 5 3 4 5 34

Funding for 2014 acquisitions fully completed at competitive pricing Financing strategy Comparison Envisaged financing of valuation structure metrics for Vitus and DeWAG Comments on financing Uses Sources 1 400m Debt remaining in place mainly subsidised loans or low-interest bearing debt 2 11.8m shares in kind will be issued to Vitus shareholders at closing. Value consideration is DAIGs NAV at YE 2013 of 21.33 3 Raised 304m primary capital under Deutsche Annington s authorised share capital at March 2013. 16m shares issued at 19.00 4 Issuance of hybrid bond in April 2014, allowing for 50% equity credit, thereby strengthening the combined capital ratios. For details see Q1 2014 presentation 5 Bond issuance / Disposals: EUR 500m EMTN issued in July, residual amount from asset disposals i.e. sale of NRWportfolio. 3 1 2 4 5 35

Long-term and well-balanced maturity profile Financing strategy Debt maturity profile as of Sep 30, 2014 ( m) 1.800 1.600 1.400 1.200 1.000 800 600 400 200 0 2019: Considered `economical maturity of the hybrid-bond 2014 2015 2016 2017 2018 2019 2020 2021 2022 from 2023 Mortgages Structured Loans Bonds Hybrid Debt structure as of Sep 30, 2014 Structured Loans 31% Rating relevant KPIs as of Sep 30, 2014 Actual Target LTV (nominal) 52.8%* <50%** Mortgages 10% Unencumbered assets in % 51% 50% Bonds incl. Hybrid 59% Global ICR 3.0x Financing cost 3.2% Ongoing optimisation with most economical funding * Adjusted LTV; **medium term 36

90% 85% 80% 75% 70% 65% 60% 55% 50% 45% 40% Capital structure shifts towards lower leverage Financing strategy LTV development towards a market leading level Rationale 82,4% 79,4% 78,4% 77,8% 75,7% 73,1% 2014 quarterly development biased due to funding of recent acquisitions The residential business will stay cyclical Sophisticated markets like the US give evidence that higher leveraged real estate companies do not enjoy superior long-term returns A mid-term moderate reduction in leverage will even further reduce distress risks and will significantly increase opportunities 58,6% 50,2% 46,2% 51,2% 52.8%* Capital raising history in Europe and US points toward earlier than later capital rises This might be accompanied by a mid-term rating improvement 2006 2007 2008 2009 2010 2011 2012 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 2015 20XX 20XX Mid-term 20XX * Adjusted LTV: LTV at Sep 30 adjusted for effects of Vitus acquisition and Vitus NRW disposal. 37

We are established 2014 guidance confirmed at upper end, proposing a higher dividend for 2014 2015 outlook is driven by strong operational performance and active portfolio management, being the basis for further sustainable profitable growth More than bricks: We keep evolving our product and service offering to further improve the quality of our portfolio and thereby further enhance customer satisfaction Enhancing balance sheet quality with adequately de-levered capital structure 38

Appendix

9M 2014 key figures confirm positive development Key Figures in m 9M 2014 9M 2013 Change in % Residential Units k 184.0 178.6 3.0% Rental income 572.7 546.1 4.9% Vacancy rate % 3.6% 3.9% -0.3pp Monthly in-place rent /sqm excl. DeWAG 5.51 5.39 2.3% Adjusted EBITDA Rental 364.5 335.7 8.6% Adj. EBITDA Rental / unit in 2,017 1,865 8.2% Income from disposal of properties 213.0 226.1-5.8% Adjusted EBITDA Sales 35.7 27.4 30.2% Adjusted EBITDA 400.2 363.1 10.2% FFO 1 205.0 163.4 25.5% FFO 2 240.7 190.8 26.1% FFO 1 before maintenance 311.4 268.5 16.0% AFFO 188.4 147.7 27.6% Fair value market properties 3 11,392.3 10,326.7 10.3% NAV 3 5,094.8 4,782.2 6.5% LTV, in % 3,4 52.8% 50.2% +2.6pp FFO 1 / share in 1 0.85 0.73 17.1% NAV / share in 1.2.3 21.21 21.33-0.6% 1) Based on the shares qualifying for a dividend on the reporting date Sep 30, 2014: 240,242,425 and Sep 30, 2013: 224,242,425 2) NAV / share 9M 2014 vs YE 2013, based on the shares qualifying for a dividend on the reporting date Sep 30, 2014: 240,242,425 and Dec 31, 2013: 224,242,425 3) 9M 2014 vs YE 2013 4) LTV at Sep 30 2014 adjusted for effects of Vitus acquisition and Vitus NRW disposal 40

Adjusted EBITDA Rental up driven by rental segment Bridge to Adjusted EBITDA ( m) 9M 2014 9M 2013 Profit for the period 122.0 474.3 Interest expenses / income 203.4 205.0 Income taxes 53.8 199.7 Depreciation 5.1 4.6 Net income from fair value adjustments of investment properties -26.9-540.1 EBITDA IFRS 357.4 343.5 Non-recurring items 40.5 18.5 Period adjustments 2.3 1.1 Adjusted EBITDA 400.2 363.1 Adjusted EBITDA Rental 364.5 335.7 Adjusted EBITDA Sales 35.7 27.4 Rental segment ( m) 9M 2014 9M 2013 Average number of units over the period 180,685 180,027 Rental income 572.7 546.1 Maintenance -106.4-105.1 Operating costs -101.8-105.3 Adjusted EBITDA Rental 364.5 335.7 Sales segment ( m) 9M 2014 9M 2013 Number of units sold 2,651 3,415 Income from disposal of properties 213.0 226.1 Carrying amount of properties sold -180.6-207.1 Revaluation of assets held for sale 16.5 17.2 Profit on disposal of properties (IFRS) 48.9 36.2 Operating costs -15.5-9.9 Period adjustments 2.3 1.1 Adjusted EBITDA Sales 35.7 27.4 Evolution of Adjusted EBITDA ( m) Adj. EBITDA Rental Adj. EBITDA Sales 363.1 27.4 335.7 1.865 400.2 35.7 364.5 2.017 9M 2013 9M 2014 Adj. EBITDA Rental/unit* ( ) Adjusted EBITDA Rental increased by DeWAG contribution, slight rent increase of 2.3% on a like for like level. Adjusted EBITDA Rental per unit up by 8.2% due to DeWAG contribution Adjusted EBITDA Sales increased at reduced sales volumes, as step-ups improved significantly in both the privatisation and non-core segment Non-recurring items reflect costs of closing and integrating DeWAG. *) Based on average number of units over the period 41

9M 2014 P&L development P&L Change ( m) 9M 2014 9M 2013 ( m) % Income from property letting 823.5 785.2 38.3 4.9 Rental income 572.7 546.1 26.6 4.9 Ancillary costs 250.8 239.1 11.7 4.9 Other income from property management 13.2 14.3-1.1-7.7 Income from property management 836.7 799.5 37.2 4.7 Income from sale of properties 213.0 226.1-13.1-5.8 Carrying amount of properties sold -180.6-207.1 26.5-12.8 Revaluation of assets held for sale 16.5 17.2-0.7-4.1 Profit on disposal of properties 48.9 36.2 12.7 35.1 Net income from fair value adjustments of investment properties 26.9 540.1-513.2-95.0 Capitalised internal modernisation expenses 59.8 21.5 38.3 178.1 Cost of materials -382.7-368.1-14.6 4.0 Expenses for ancillary costs -246.6-240.2-6.4 2.7 Expenses for maintenance -100.7-83.9-16.8 20.0 Other costs of purchased goods and services -35.4-44.0 8.6-19.5 Personnel expenses -130.2-112.4-17.8 15.8 Depreciation and amortisation -5.1-4.6-0.5 10.9 Other operating income 34.7 33.1 1.6 4.8 Other operating expenses -110.7-67.0-43.7 65.2 Financial income 4.2 16.8-12.6-75.0 Financial expenses -206.7-221.1 14.4-6.5 Profit before tax 175.8 674.0-498.2-73.9 Income tax -53.8-199.7 145.9-73.1 Current income tax 5.5 0.4 5.1 1275.0 Others (incl. deferred tax) -59.3-200.1 140.8-70.4 Comments DeWAG rental income contribution EUR 30.6m Lower sales volume of 2.651 units (vs 3.415 units in 9M 2013) DeWAG sold 237 units @ EUR 42.3m Lower sales volume but significantly increased step-up in privatisation sales of 36.7% (vs 23.3% in 9M 2013) Increasing contribution of TGS to capitalized maintenance Personnel expenses increased mainly due to increased staff level from the ramp-up of the TGS activities Profit for the period 122.0 474.3-352.3-74.3 42

9M 2014 P&L development (cont d) P&L Change ( m) 9M 2014 9M 2013 ( m) % Income from property letting 823.5 785.2 38.3 4.9 Rental income 572.7 546.1 26.6 4.9 Ancillary costs 250.8 239.1 11.7 4.9 Other income from property management 13.2 14.3-1.1-7.7 Income from property management 836.7 799.5 37.2 4.7 Income from sale of properties 213.0 226.1-13.1-5.8 Carrying amount of properties sold -180.6-207.1 26.5-12.8 Revaluation of assets held for sale 16.5 17.2-0.7-4.1 Profit on disposal of properties 48.9 36.2 12.7 35.1 Net income from fair value adjustments of investment properties 26.9 540.1-513.2-95.0 Capitalised internal modernisation expenses 59.8 21.5 38.3 178.1 Cost of materials -382.7-368.1-14.6 4.0 Expenses for ancillary costs -246.6-240.2-6.4 2.7 Expenses for maintenance -100.7-83.9-16.8 20.0 Other costs of purchased goods and services -35.4-44.0 8.6-19.5 Personnel expenses -130.2-112.4-17.8 15.8 Depreciation and amortisation -5.1-4.6-0.5 10.9 Other operating income 34.7 33.1 1.6 4.8 Other operating expenses -110.7-67.0-43.7 65.2 Financial income 4.2 16.8-12.6-75.0 Financial expenses -206.7-221.1 14.4-6.5 Profit before tax 175.8 674.0-498.2-73.9 Income tax -53.8-199.7 145.9-73.1 Current income tax 5.5 0.4 5.1 1275.0 Others (incl. deferred tax) -59.3-200.1 140.8-70.4 Profit for the period 122.0 474.3-352.3-74.3 Comments Increase mainly driven by acquisition und integration costs for DeWAG and Vitus shown as non-recurring items in the management accounts Previous Year: EUR 6.1m income from S-Loan contribution Decrease in prepayment penalties (to reach 50% unencumberance) and commitment fees of EUR -24.3m (PY: EUR -26.8m) Valuation effects from financial instruments of EUR -11.3m (PY: EUR +13.9m) Transaction costs EUR -4.1m ( PY EUR -17.9m) Deferred tax 2013 driven by valuation uplift of investment properties 43

Overview of DA s modernisation and maintenance split Maintenance and modernisation 9M 2014 ( m) Comments 9M 2014 9M 2013 Maintenance expenses 106.4 105.1 Capitalised maintenance 16.9 15.7 Modernisation work 120.0 26.6 Clear increase reflects successful execution of investment programme for energy efficiency senior living projects Total cost of modernisation and maintenance work 243.3 147.4 Thereof sales of own craftmen s organisation 129.8 86.6 Thereof bought-in services 113.5 60.8 Revenues of in-house craftsmen organisation increased due enlargement of TGS` services to more modernisation projects. Increase mainly due to energetic modernisation Modernisation and maintenance / sqm [ ] 21.08 12.83 44

9M 2014 Balance sheet evolution Overview ( m) Sept. 30, 2014 Dec. 31, 2013 Investment properties 11,337.4 10,266.4 Other non-current assets 108.7 86.2 Total non-current assets 11,446.1 10,352.6 Cash and cash equivalents 196.9 547.8 Other financial assets 1,101.8 2.1 Other current assets 146.9 190.3 Total current assets 1,445.6 740.2 Comments Increase driven by DeWAG acquisition Partial payment of purchase price for Vitus Total assets 12,891.7 11,092.8 Total equity attributable to DA shareholders 3,998.4 3,805.5 Non-controlling interests 17.2 12.5 Total equity 4,015.6 3,818.0 Other financial liabilities 6,986.2 5,553.0 Deferred tax liabilities 1,007.6 925.0 Provisions for pensions and similar obligations 331.5 291.0 Other non-current liabilities 71.4 61.7 Total non-current liabilities 8,396.7 6,830.7 Increase driven by DeWAG acquisition and valuation uplift in investment properties Step down of interest rate to 2.3% (12/2013: 3.3%) Other financial liabilities 253.7 212.1 Other current liabilities 225.7 232.0 Total current liabilities 479.4 444.1 Total liabilities 8,876.1 7,274.8 Total equity and liabilities 12,891.7 11,092.8 45

Rent increase on track, vacancy yoy decreased DA Residential Portfolio Sep. 30, 2014 Units Area Vacancy In-Place Rent Rent l-f-l* Portfolio Segment # % ( 000 sqm) % Y-o-Y in % m (annualised) /sqm Y-o-Y in % Operate 72,776 39.6 4,618 3.0 (0.2) 302.7 5.63 +1.7 Upgrade 47,965 26.1 3,032 2.9 (0.1) 195.9 5.55 +2.6 Optimise 33,527 18.2 2,132 3.2 +0.7 148.5 6.00 +3.6 RENTAL ONLY 154,268 83.9 9,782 3.0 (0.1) 647.1 5.69 +2.4 Privatise 20,205 11.0 1,383 4.9 (0.2) 86.0 5.44 +1.7 Non-Core 9,510 5.2 598 11.5 +0.3 27.3 4.30 +0.9 TOTAL 183,983 100.0 11,763 3.6 (0.3) 760.4 5.59 +2.3 * excluding DeWAG Note: Rounding errors may occur 46

Investment Process Year 1 Year 2 Year 3 Investment Definition & Decision Heat insulation Construction of vintage year 2 Rent increases of vintage year 2 Investment Definition & Decision Heating system Construction of vintage year 2 Rent increases of vintage year 2 Investment Definition & Decision Apartments Construction of vintage year 2 Rent increases of vintage year 2 47

Significant efficiency gains by thorough product standards from apartment modernization to new construction Apartments Buildings New construction Product standardization is a cornerstone of the industrialization of DA s construction processes Example: progressive standardization of bathrooms 1. Implementation of private brand for ceramics and armatures 2. Concept for DAIG standard bathroom types 3. Development and implementation of a fixed price complete bathroom solution for sitting tenants Next steps: White label products for central heating systems and construction chemistry products Example: Development of a supply chain optimization through standardization of windows Preproduction of standardized windows in eastern Europe Central delivery Installation by own craftsmen organization Further potentials: doors and balconies Alignment of product standards with: Local demand Demographic trends Internal letting processes Exploitation of purchasing power by central procurement Example: Standardized attic conversions in Darmstadt Prefabricated modules allow for a on-site installation time reduction of up to 50% Significant cost reduction and thus enlargement of attic conversion potential Further potentials: doors, balconies and new construction Installation by own craftsmen organization TGS 48

Evolution of average interest costs and interest rate sensitivity Evolution of average interest costs 5,0% 4,5% 4,4% 4,4% 4,4% 4,0% 3,5% 3,4% 3,4% 3,5% 3,5% 3,3% 3.2% 3,0% 2,5% 2,0% 2006 2007 2008 2009 2010 2011 2012 2013 2014 e Development Reduction of average interest costs in 2012 and 2013, while extended and smoothened the maturity profile at the same time. Superior mix of secured and unsecured refinancing sources to reduce risk and maximise funding options. Included a Hybrid with 4.6% coupon to our capital structure for the 2014 acquisitions instead of Convertibles, so that FFO dilution could be avoided. Outlook We could reduce our debt costs to c.2.9%, by refinancing c. 1.0bn existing secured debt with new secured or unsecured debt. However, this would cause c. 80m prepayment fees. In addition, by refinancing the Hybrid and issuing 700m Convertibles, interest costs would be reduced to c. 2.4%, which would be the lowest in the industry. We will further optimise our capital structure as well as debt profile in terms of costs and maturity. Our focus is not purely on minimising the average interest costs. We also consider the optimal product mix, the overall economical benefit and the shareholder interests to support long term growth. 49

Rating: investment grade rating from S&P Corporate investment grade rating Rating agency Rating Outlook Last Update Standard & Poor s BBB Stable 18 June 2014 Bond ratings 3 years 2.125% Euro Bond 6 years 3.125% Euro Bond 4 years 3.200% Yankee Bond 10 years 5.000% Yankee Bond 8 years 3.625% EMTN 8 years 2.125% EMTN 60 years 4,625% Hybrid *EUR-equivalent re-offer yield Amount Issue Price Coupon Maturity Date Rating 700m 99.793% 2.125% 25 July 2016 BBB 600m 99.935% 3.125% 25 July 2019 BBB USD 750m 100.000% USD 250m 98.993% 3.200% (2.970%)* 5.000% (4.580%)* 2 Oct 2017 BBB 2 Oct 2023 BBB 500m 99.843% 3.625% 8 Oct 2021 BBB 500m 99.412% 2.125% 9 July 2022 BBB 700m 99.782% 4.625% 8 Apr 2074 BB+ 50

Performance DAIG Trading Volume (blue) Significant increase of free float (~ 80%) and liquidity after recent placements Dec. 2013 March 2014 Oct. 2014 Norges Bank 5.4% other Free Float 10.2% CPI Capital Partners 6.9% Sun Life 3.5% other Free Float 15.0% other Free Float 47.46% Monterey Holdings 84.4% Norges Bank 7.3% Monterey Holdings 67.3% Sun Life 3.36% Lion Residential 4.67% Coller Int. Partners 4.70% TFCP 4.93% Blackrock 6.48% Wellcome Trust 7.20% Norges Bank 8.43% Abu Dhabi Investment Authority 12.77% Red colored free float according to Deutsche Börse s definition. 135% 130% 1.400.000 125% 1.200.000 120% 1.000.000 DAIG Volume MDAX EPRA Europe DAIG 115% 110% 105% 100% 95% ᴓ ᴓ ᴓ 800.000 600.000 400.000 200.000 90% 0 51

replaced by Continuing strong corporate governance set-up through new supervisory board structure Dr Wulf H. Bernotat Chairman of Board Since June 2013 Independent Members Former CEO of E.ON SE Non Independent Members (until August 20 th, 2014) Robert Nicolas Barr Deputy Chairman of Board Since November 2009 Operational Managing Director of Terra Firma Capital Partners Limited, London New Independent Members (appointed August 21st, 2014) Manuela Better Former CEO of Hypo Real Estate Former member of the Executive Board of the HypoVereinsbank Group Prof. Dr Edgar Ernst Chairman of Audit Committee Since June 2013 President of Deutsche Prüfstelle für Rechnungslegung DPR e.v. Arjan Breure Since December 2010 Financial Managing Director of Terra Firma Capital Partners Limited, London Dr Florian Funck Member of the Executive Board at Franz Haniel & Cie. GmbH Clara-Christina Streit Chairwoman of Finance Committee Since June 2013 Former Senior Partner with McKinsey & Company, Inc. Hildegard Müller Since June 2013 Chairwoman of the Executive Board of Bundesverband der Energie- und Wasserwirtschaft Fraser Duncan Since February 2001 Business Consultant Tim Pryce Since June 2013 CEO of Terra Firma Capital Partners Limited, London Christian Ulbrich CEO of Jones Lang LaSalle EMEA (Europe, Middle East and Africa) Member of the Executive Board of Jones Lang LaSalle Inc. Prof. Dr Klaus Rauscher Since August 2008 Business Consultant * Lutz Basse was * By appointed the local court, as member Dusseldorf of the supervisory board on August 21st, 2014, and resigned with effect as of September 15th, 2014. 52

Disclaimer Confidentiality Declaration This presentation has been specifically prepared by Deutsche Annington Immobilien SE and/or its affiliates (together, DA ) for internal use. Consequently, it may not be sufficient or appropriate for the purpose for which a third party might use it. 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 DA ("forward-looking statements") which reflect various assumptions concerning anticipated results taken from DA s current business plan or from public sources which have not been independently verified or assessed by DA and which may or may not prove to be correct. Any forward-looking statements reflect current expectations based on the current business plan and various other assumptions and 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. Any forward-looking statements only speak as at the date the presentation is provided to the recipient. It is up to the recipient of this presentation to make its own assessment of the validity of any forward-looking statements and assumptions and no liability is accepted by DA in respect of the achievement of such forward-looking statements and assumptions. DA accepts no liability whatsoever to the extent permitted by applicable law for any direct, indirect or consequential loss or penalty arising from any use of this presentation, its contents or preparation or otherwise in connection with it. No representation or warranty (whether express or implied) is given in respect of any information in this presentation or that this presentation is suitable for the recipient s purposes. The delivery of this presentation does not imply that the information herein is correct as at any time subsequent to the date hereof. DA has no obligation whatsoever to update or revise any of the information, forward-looking statements or the conclusions contained herein or to reflect new events or circumstances or to correct any inaccuracies which may become apparent subsequent to the date hereof. 53

IR Contact & Financial Calendar Contact Financial Calendar Q4 2014 Investor Relations Oct 1 Societe Generale Conference, London Deutsche Annington Immobilien SE Philippstraße 3 44803 Bochum, Germany Oct 30 DAIG Interim Report Jan.-Sept. 2014 Oct 31 Management Roadshow, Amsterdam Nov 3 Management Roadshow, Frankfurt Tel.: +49 234 314 1609 investorrelations@deutsche-annington.com http://www.deutsche-annington.com Nov 4-5 Dec 1 Dec 2 Dec 9-10 Management Roadshow, London Berenberg Conference, Penny Hill (UK) UBS Conference, London Barclays Conference, New York 54