Corporate Governance Report

In this corporate governance declaration (also known as the Corporate Governance Report), we report, in accordance with Sections 289a and 315 (5) of the German Commercial Code (HGB) and No. 3.10 of the German Corporate Governance Code (GCGC) on the principles of management and corporate governance. The declaration contains the declaration of conformity, information on corporate governance practices, a description of how the Management Board and Supervisory Board work and key corporate governance structures. The declaration is also available to the public on our website at Pursuant to Section 317 (2) (4) HGB, the disclosures pursuant to Sections 289 a, 315 (5) HGB are not included in the audit performed by the auditor of the annual financial statements.

Declaration of Conformity to the GCGC Pursuant to Section 161 of the German Stock Corporation Act (AktG)

The Management Board and the Supervisory Board of Vonovia SE declare that the company complies with the recommendations made by the “Government Commission on the German Corporate Governance Code (GCGC)” as published on February 7, 2017, in the official section of the federal gazette by the German Federal Ministry of Justice.

Since issuing the previous declaration of conformity in May 2018, Vonovia SE has observed all of the recommendations in the GCGC with the following exception:

No. 7.1.2 sentence 3, 2nd half-sentence GCGC (interim financial reports):

The company was unable to publish the interim financial reports for the second and third quarter of the 2018 fiscal year within the recommended period due to the increased time required for the necessary consolidation process due to the acquisition of a majority stake in BUWOG AG. No. 7.1.2 sentence 3, 2nd half-sentence GCGC is adhered to again as of the fourth quarter of 2018.