Presentation of 2018 Acquisitions in the Present Half-Year Financial Statements

Due to the completion of the transaction on June 28, 2018, Victoria Park is included in the 2018 half-year financial statements solely with the balance sheet as of June 30, 2018. Due to the completion of the transaction on March 26, 2018, BUWOG is included with the balance sheet as of June 30, 2018, and the earnings contribution for the second quarter of 2018.

All balance sheet figures, portfolio key figures and key figures derived from the balance sheet, such as , thus include the components of BUWOG and Victoria Park as of June 30, 2018. Until a decision has been made regarding a future management system, all performance key figures in the present half-yearly financial statements include only the key figures that concern Vonovia on a stand-alone basis. Excluded from this are the key figures EBITDA IFRS, and of course the key figures of the consolidated income statement such as valuation results, earnings before tax, profit for the period and cash flow key figures.

Until a final decision is made regarding the future management system including BUWOG and Victoria Park, BUWOG has been grouped for now into the segment “Other (Consolidation)” in segment reporting.

Based on discussions in the Supervisory Board, Vonovia plans to introduce the new management system with the reporting as of the third quarter of 2018.

The presentation of the NAV based on the EPRA definition aims to show the net asset value in a long-term business model. The equity attributable to Vonovia’s shareholders is adjusted to reflect deferred taxes on investment properties/assets held for sale, the fair value of derivative financial instruments and the deferred taxes on derivative financial instruments. In order to boost transparency, an adjusted NAV, which involves eliminating goodwill in full, is also reported.