51 Management Board’s Proposal for the Appropriation of Profit

“The Management Board and the Supervisory Board propose to the Annual General Meeting that, of the profit of Vonovia SE for the 2017 fiscal year of € 676,659,054.65, an amount of € 640,333,090.32 on the 485,100,826 shares of the share capital as of December 31, 2017 be paid as a dividend (corresponding to € 1.32 per share) to the shareholders and the remaining amount of € 36,325,964.33 be carried forward to the new account.”

Bochum, Germany, February 26, 2018

Rolf Buch (CEO) (signature)

Rolf Buch

Dr. A. Stefan Kirsten (CFO) (signature)

Dr. A. Stefan Kirsten

Klaus Freiberg (COO) (signature)

Klaus Freiberg

Gerald Klinck (CCO) (signature)

Gerald Klinck