COMPANY PRESENTATION MARCH 2018 (AS PER )

COMPANY PRESENTATION MARCH 2018 (AS PER 31.12.2017)

DIC ASSET AG KEY STRENGTHS INVESTMENT HIGHLIGHTS S-DAX listed player in the commercial real estate market in Germany, fully complying to highest market standards and regulations Experienced management team Dynamic local expertise in German real estate since 2002 Stable and diversified income streams based on solid pillars, with growing importance of fund business Internalized asset and property management platform with experts in six regional offices creating added value Solid and diversified financial structure Attractive dividend stock, with highly competitive dividend yield 2

KEY PERFORMANCE FIGURES Funds from operations in EUR mn +48% Loan-to-Value ratio in % 11.0 pp 60.2 40.8 44.9 45.9 47.9 49.0 47.0 68.0 68.1 66.9 65.9 62.6 59.9 57.0 2011 2012 2013 2014 2015 2016 2017 2011 2012 2013 2014 2015 2016 2017 0,70 0,60 0,50 0,40 0,30 0,20 0,10 0,00 3 Dividend payouts in EUR per share/in% of FFO 0.35 38% 0.35 0.35 0.35 37% 37% 50% 0.37 51% 0.40 58% 0.64 73% 2011 2012 2013 2014 2015 2016 2017 100% 90% 0.20 80% 70% 60% 50% 40% 0.44 30% 20% 10% 0% Strong average interest rate decrease to 1.8% as per 31.12.2017 (4.35% as per 31.12.2011) Aim for continuous like-for-like rental growth (+1.4% in 2017) Further vacancy rate reduction in Commercial Porfolio to 9.9% as per 31.12.2017 (-1.8 pp, like-for-like -2.8 pp) Share of the profit of associates rising fund business contribution (stake 5 10%) profitable strategic financial investments expiring JV investments in 2018

AGENDA 01_ DIC ASSET AG AT A GLANCE 02_ COMMERCIAL PORTFOLIO 03_ FUNDS 04_ OTHER INVESTMENTS 05_ FINANCIALS / OUTLOOK 06_ SHARE 07_ APPENDIX 4

01 DIC ASSET AT A GLANCE 01_ DIC ASSET AG AT A GLANCE 02_ COMMERCIAL PORTFOLIO 03_ FUNDS 04_ OTHER INVESTMENTS 05_ FINANCIALS / OUTLOOK 06_ SHARE 07_ APPENDIX 5

EXPERIENCED MANAGEMENT TEAM Sonja Wärntges Chief Executive Officer (CEO) since October 2017 Johannes von Mutius Chief Investment Officer since April 2015 Dirk Hasselbring Chief Funds Officer since October 2017 Certified economist Management track record, various senior positions in prestigious companies Long-term experience in the real estate industry Former CFO of Deutsche Immobilien Chancen Certified business administrator Approximately 20 years of experience in senior positions in the real estate industry At Deutsche Immobilien Chancen AG & Co. KGaA from 2005 March 2015 Certified business economist More than 20 years of experience in senior positions within the real estate and investment fund industry Previously served as Member of the Board of Deutsche EuroShop AG and Chairman of the Management Board of Hamburg Trust 6

7 HYBRID BUSINESS MODEL Consistently profitable and largely uncoupled from market cycles

PURE PLAY GERMAN COMMERCIAL REAL ESTATE PLATFORM Major German locations and economically powerful medium sized centres Assets under Management in EUR bn Regional overview % of assets under management, 187 employees Number of properties 206 4.4 1.5 1.3 1.6 Funds Other Investments Commercial Portfolio 48 16 142 182 56 13 113 Funds Other Investments Commercial Portfolio 2017 2016 2017 Letting volume in EUR mn, annualised Rental space in mn sqm 40.2 32.1 12.0 11.5 12.2 4.6 16.0 16.0 Funds Other Investments Commercial Portfolio 1.9 1.8 0.5 0.6 0.4 0.3 1.0 0.9 Funds Other Investments Commercial Portfolio 2016 2017 2016 2017 8

OUR STRATEGY DIRECT INVESTMENTS Rental income and sales proceeds COMMERCIAL PORTFOLIO Diverse and risk-adjusted investment mix Diversified investment strategy: mainly A-rated opportunities in B-Locations (regional economic centers) and B-rated opportunities in A-Locations (Top 7 cities in Germany) Supported by our six branch offices, we have the regional expertise to identify and manage commercial assets with an attractive risk / yield potential Objects with potential for value creation (reducing vacancies, active letting and repositioning, CAPEX), strategic selling at the right time Warehousing: make use of market opportunities and secure objects for future funds ahead of time Investment criteria Locations: major cities and major regions, mid-sized regional centres from 100,000 inhabitants, mostly former West German states, emerging economic centres Type of use: commercial real estate with a focus on office uses, as well as retail and mixed-use office buildings, logistic properties if appropriate Investment volume: from EUR 10 80 million per single property, portfolios at least EUR 50 500 million (with an average property volume > EUR 10 million) h.a.l.m. elektronik GmbH, Frankfurt am Main, Friesstr. 20 9

OUR STRATEGY INDIRECT INVESTMENTS Management fees and investment income FUNDS Ericsson GmbH, Munich, Hanauer Str. 1 ( Dantehof ) Increasing management fee earnings Objects fitting the investment profile of German institutional investors We offer institutional investors customised investment structures and a broad range of real estate services in Germany s key and regional markets Establishing as trading platform Niche products in core segment with low vacancies and stable cashflows By growing the fund business, we achieve recurring management and investment income, diversifying our income streams Investment criteria Locations: German metropolitan regions Type of use: Office: commercial real estate with predominant office uses (>70%), mixed use office buildings Retail: focused on shopping malls, retail parks, hybrid malls and district centers, business buildings in high street locations Investment volume: Office: from c. EUR 10 60 million or portfolio purchase (smaller-scale where appropriate) Retail: from c. EUR 10 80 million 10

02 COMMERCIAL PORTFOLIO 01_ DIC ASSET AG AT A GLANCE 02_ COMMERCIAL PORTFOLIO 03_ FUNDS 04_ OTHER INVESTMENTS 05_ FINANCIALS / OUTLOOK 06_ SHARE 07_ APPENDIX 11

COMMERCIAL PORTFOLIO OVERVIEW Higher quality of portfolio after strong letting performance Development Commercial Portfolio* Like-for-like rental income growth annualised rental income in EUR mn 113 properties generate annual rental income of EUR 95.5 million. That translates into recognised GRI in P&L of EUR 110 million (thereof warehousing EUR 11.4 million) Vacancy rate Like-for-like rental income grew 1.4% due to strong letting performance and ongoing portfolio optimization WALT rose more than 10% from 4.5 years to 5.1 years Vacancy rate down from 11.8% to 9.9% 12

COMMERCIAL PORTFOLIO HIGHLY DIVERSIFIED Solid diversification from tenant base, type of usage and region Tenant structure by annualised rental income Regional development North Region WALT 7.0 Yield 6.5% 13 12.5 15 East Region Types of use by annualised rental income West Region WALT 4.0 Yield 6.0% 34 29.8 34 # of Rental properties income (EUR million) % of total rental space # of Rental properties income (EUR million) Central Region WALT 6.9 24 26.3 WALT 3.1 Yield 6.1% # of Rental properties income (EUR million) 26 South Region % of total rental space 12 22 % of total rental space Yield 6.9% 12.0 14 WALT 3.8 Yield 7.1% 14.9 15 # of Rental properties income (EUR million) % of total rental space 13 As per 31.12.2017, all figures excl. developments and warehousing # of Rental properties income (EUR million) % of total rental space

COMMERCIAL PORTFOLIO ONGOING PORTFOLIO OPTIMISATION Case Study Kaiserpassage in Frankfurt am Main Acquisition Small-scale retail business (49 stores located in the arcade) Short lease terms, and therefore high rate of tenant fluctuation Increased capex requirements due to the age of the building, raised in the 1950s 1960s Management Approach Restructuring and redesigning the retail units/arcade, straightening the arcade passage Merging some rental units Modernising the lightning concept, façade and shop frontage Result Leases signed for 97 % of the units well ahead of the start of the structural alteration Incumbent tenants integrated, long-term anchor tenants added (increase of the lease term average to around 15 years) Annual property rent increased by 71 %, and lettable area expanded by nearly 15 % To be reopened in first half of 2018 14

03 FUNDS 01_ DIC ASSET AG AT A GLANCE 02_ COMMERCIAL PORTFOLIO 03_ FUNDS 04_ OTHER INVESTMENTS 05_ FINANCIALS / OUTLOOK 06_ SHARE 07_ APPENDIX 15

FUNDS GROWTH STORY AS PLANNED Launch of two additional funds and trading platform establishment Fund volume (AuM) in EUR bn Further fund growth realised Launch of two funds in 2017: DIC Office Balance IV with a target volume of c. EUR 240 million and DIC Retail Balance I with a target volume of c. EUR 250 million 4 properties with a volume of EUR 76 million acquired for new funds funds volume rose by EUR 350 million to EUR 1.5 billion Income of fund business in EUR mn further acquisitions of 3 properties worth EUR 166 million for planned funds in warehousing phase First-time sale of one property from Fund business with a volume of EUR 44 million Total income stabilised, rising income from recurring management fees (EUR 10.5 million) offsets lower setup fees (EUR 8.4 million) Further fund products are in the planning stage 16

FUNDS SUCCESSFUL DIC BALANCE FUND SERIES Successful track record established Types of use by annualised rental income Tenant structure by annualised rental income 17 As per 31.12.2017

FUNDS NICHE PRODUCTS IN CORE SEGMENT DIC Retail Balance I Snap shot Object Hamburg-Bergedorf Rental space: 18,400 sqm Annual rent: 3.4 EUR million WALT: c. 12 years Occupancy 100 % rate: Tenants: Anchor tenant Marktkauf, c. 20 tenants (e.g. Medimax, Budnikowsky, Ernstings, McDonald's) Key data Investment focus: Core and core plus retail properties Operational launch: 1 October 2017 Start-up portfolio: 3 non-discretionary retail centres and retail warehouse parks Target volume: Target yield: c. 5.0% EUR 250 million Investors: Domestic institutional investors Storchenhof Berlin Rental space: c. 13,900 sqm Annual rent: EUR 1.86 million WALT: 8.9 years Occupancy 100 % rate: Tenants: c. 40 tenants, e.g. Kaufland und Aldi Object Hamburg-Harburg Rental space: 26,100 sqm Annual rent: EUR 4 million WALT: c. 12 years Occupancy 100 % rate: Tenants: Anchor tenant Marktkauf, c. 30 tenants (e.g. Aldi, Rossmann)

04 OTHER INVESTMENTS 01_ DIC ASSET AG AT A GLANCE 02_ COMMERCIAL PORTFOLIO 03_ FUNDS 04_ OTHER INVESTMENTS 05_ FINANCIALS / OUTLOOK 06_ SHARE 07_ APPENDIX 19

OTHER INVESTMENTS Growing third-party business Number of properties Project developments Income of Other Investments in EUR million Assets under management of EUR 1.3 billion now including third-party assets Joint ventures further reduced to 5 properties Growing third-party business: currently 8 properties with 0.2 million sqm and market value of EUR 0.8 billion under management MainTor project development close to completion, all office properties let Successful strategic investment in WCM/TLG: extraordinary income of EUR 19.3 million from the exchange of the WCM shares into TLG shares 20

05 FINANCIALS / OUTLOOK 01_ DIC ASSET AG AT A GLANCE 02_ COMMERCIAL PORTFOLIO 03_ FUNDS 04_ OTHER INVESTMENTS 05_ FINANCIALS / OUTLOOK 06_ SHARE 07_ APPENDIX 21

22 FY 2017 FINANCIAL HIGHLIGHTS

SEGMENT REPORTING AND FFO Higher FFO contribution of Commercial Portfolio Reconciliation to FFO FFO up 28% to EUR 60.2 million, at EUR 0.88 per share Significantly higher FFO-contribution (+ EUR 11.4 million) of Commercial Portfolio due to lower financing costs FFO contribution of segment Funds at EUR 8.6 million after expansion of fund business Significantly higher FFO contribution (+ EUR 4.2 million) of segment Other Investments mainly due to higher current income from WCM/TLG investment FFO contribution in EUR mn FFO per share in EUR Segment reporting 23

FINANCIAL STRUCTURE Refinancing created solid financial foundation Financial Debt Maturities as per 31.12.2017 Loan-to-Value in % Refinancing of the Commercial Portfolio in the amount of EUR 960 million in December 2016, effective February 2017 Average interest rate of bank liabilities reduced to 1.8% Average debt maturity including bonds at 4.6 years New bond with a volume of EUR 130 million successfully issued with low coupon of 3.250% in July 2017 Interest expense and average interest rate (based on bank liabilities) Tap of last issue by additional EUR 50 million in March 2018 LT V further reduced to 57% Interest cover ratio (net rental income divided by interest expense) up substantially to 213% (31 December 2016: 173% adjusted) due to lower interest expense No refinancing is due in 2018 beside the bond of EUR 100 million in July 24

25 CORPORATE BONDS New bond issued with 3.250%, replacing 5.750% bond due in 2018, tapped to EUR 180 mn in March

26 OUTLOOK Focus on funds growth

06 SHARE 01_ DIC ASSET AG AT A GLANCE 02_ COMMERCIAL PORTFOLIO 03_ FUNDS 04_ OTHER INVESTMENTS 05_ FINANCIALS / OUTLOOK 06_ SHARE 07_ APPENDIX 27

Commercial SHARE PRICE PERFORMANCE & SHAREHOLDER STRUCTURE Portfolio DIC Asset AG share up 20% in 2017, outperforming European EPRA index and DAX Share price performance* 130 120 110 100 Shareholder structure As per 29.03.2018 thereof: OM Asset Management plc 3.0% BlackRock, Inc. 3.2% RAG Foundation 10.0% Free float 69.8% Deutsche Immobilien Chancen Group 30.2% 90 Total shares: 68,577,747; main shareholders are long-term investors 80 DIC Asset listed in SDAX, EPRA and DIMAX 70 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Regular dividend of EUR 0.44 and special dividend of EUR 0.20 for FY 2017, with scrip dividend option DIC Asset AG DAX dividend yield of 6.1% per 31.12.2017 SDAX EPRA Developed Europe EPRA Germany 28 *indexed, assuming dividend reinvestment at DIC Asset AG

BROKER RECOMMENDATIONS & TARGET PRICES Further upside potential after strong share performance in 2017 Commercial Portfolio Analyst recommendations Price development 12 25 22 22 22 33 33 33 33 44 44 44 44 44 11 10 9 75 78 78 78 67 67 67 67 56 56 56 56 56 8 7 6 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 % buy % hold % sell Closing price Consensus target price 29 Bloomberg, as per 16.03.2018

PEER GROUP COMPARISON Commercial Portfolio DIC Asset AG shares trade with a discount and have a highly competitive dividend yield Share price/nav per share 120% Dividend yield 7% 100% 6% 80% 60% 40% 20% 5% 4% 3% 2% 1% 0% 0% Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Dec-15 Dec-16 Dec-17 DIC Asset Median Peer Group DIC Asset (incl. special dividend) Median Peer Group 30 Bloomberg, as per 16.03.2018; NAV per share based on last published NAV figures; dividend yield based on last dividend declaration Peer Group: alstria office, TLG, WCM, demire, Patrizia, VIB Vermögen, Hamborner REIT, Deutsche Euroshop

07 APPENDIX 01_ DIC ASSET AG AT A GLANCE 02_ COMMERCIAL PORTFOLIO 03_ FUNDS 04_ OTHER INVESTMENTS 05_ FINANCIALS / OUTLOOK 06_ SHARE 07_ APPENDIX 31

32 PROFIT AND LOSS ACCOUNT 2017

33 BALANCE SHEET PER 31.12.2017

CONTACT / FINANCIAL CALENDAR 2017 Commercial Portfolio Nina Wittkopf Head of Investor Relations & Corporate Communications phone: +49 69 94 54 858-1462 fax: +49 69 94 54 858-9399 e-mail: ir@dic-asset.de Maximilian Breuer Investor Relations Manager phone: +49 69 94 54 858-1465 fax: +49 69 94 54 858-9399 e-mail: ir@dic-asset.de Financial Calendar 04.05.2018 Publication of Q1 2018 Financial Statement 30.07.2018 Publication of H1 2018 Financial Statement 08.11.2018 Publication of Q3 2018 Financial Statement DIC Asset AG Neue Mainzer Str. 20 MainTor 60311 Frankfurt am Main web: www.dic-asset.de/ir 34

DISCLAIMER Commercial Portfolio This publication constitutes neither an offer to sell nor a solicitation to buy or subscribe to any securities. In case of an offer of securities the information legally required to be provided to investors will be contained only in a securities prospectus as approved by the competent authority. The information contained herein is not for distribution, directly or indirectly, in or into the United States of America (including its territories and possessions of any State of the United States of America or the District of Columbia) and must not be distributed to U.S. persons (as defined in Regulation S of the U.S. Securities Act of 1933, as amended ("Securities Act")) or publications with a general circulation in the United States of America. This publication constitutes neither an offer to sell nor a solicitation to buy or subscribe to any securities in the United States of America. None of the securities of DIC Asset AG have been registered under the Securities Act and may not be offered or sold in the United States of America absent registration or an exemption from registration under the Securities Act. This publication is only addressed to and directed at persons in member states of the European Economic Area who are "qualified investors" within the meaning of Article 2(1)(e) of the Prospectus Directive (Directive 2003/71/EC as amended) ("Qualified Investors"). In addition, in the United Kingdom, this publication is being distributed only to, and is directed only at, Qualified Investors who (i) are persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order"), (ii) are high net worth entities falling within Articles 49(a) to (d) of the Order, or (iii) other persons to whom it may otherwise lawfully be communicated. This presentation should not be regarded by the recipient as a substitute for the exercise of its own judgment. Nothing contained herein is, or shall be relied upon as, a promise or representation as to the past or future. No representation or warranty, expressed or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information, or opinions contained in this presentation. Neither DIC Asset AG nor any of its advisors or representatives shall have any responsibility or liability whatsoever (for negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this presentation. This presentation speaks as at the date hereof (unless an earlier date is otherwise indicated in the presentation) and in giving this presentation, no obligation is undertaken and nor is any representation or undertaking given by any person to provide the recipient with additional information or to update, revise or reaffirm the information contained in this presentation or to correct any inaccuracies therein which may become apparent. This presentation may contain certain forward-looking statements, forecasts, estimates, strategic targets, projections and opinions ("Forward Statements"). No representation is made or will be made that any Forward Statements will be achieved or will prove to be correct. Actual future results and operations could vary materially from the Forward Statements. Similarly no representation is given that the assumptions disclosed in this presentation upon which Forward Statements may be based are reasonable. UNLESS EXPRESSLY STATED OTHERWISE, ALL INFORMATION, DATA, VIEWS AND FORWARD-LOOKING STATEMENTS CONTAINED IN THIS COMPANY PRESENTATION ARE BASED ON INFORMATION, DATA AND FORECASTS AVAILABLE TO THE COMPANY AT THE TIME OF THE PUBLICATION OF THIS COMPANY PRESENTATION. THE COMPANY IS NOT OBLIGED TO UPDATE THIS COMPANY PRESENTATION UNDER RELEVANT LAWS AND THEREFORE WILL NOT UPDATE THIS COMPANY PRESENTATION WHATSOEVER. ALL INFORMATION AND DATA CONTAINED IN THIS COMPANY PRESENTATION ARE BASED ON INFORMATION AND DATA, WHICH WAS PREVIOUSLY PUBLISHED BY THE COMPANY IN CONNECTION WITH ITS CONTINUOUS REPORTING OBLIGATIONS UNDER RELEVANT FINANCIAL OR SECURITIES LAWS. Company presentation as of March 2018 35