49 Subsequent Events

On December 18, 2017, Vonovia published notice of its intention to make a voluntary public takeover offer, in accordance with the Austrian Takeover Act (ÜbG), to the shareholders of BUWOG AG (subsequently: BUWOG), Vienna, Austria, for the acquisition of all shares in BUWOG. Vonovia and BUWOG, whose shares are listed under ISIN AT00BUWOG001 in the official trading segment (Prime Market) of Wiener Börse AG, on the regulated market (Prime Standard) of the Frankfurt Stock Exchange and on the Main Market of the Warsaw Stock Exchange, have signed what is known as a Business Combination Agreement. Based on the takeover offer, all BUWOG shareholders will be offered € 29.05 in cash for each share in BUWOG.

The corresponding offer document was submitted to the Austrian Financial Market Authority on January 18, 2018. The public takeover offer was published on February 5, 2018. This means that the offer period for the first tender phase ends on March 12, 2018.