55 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 2018 fiscal year of € 909,643,381.62, an amount of € 135,000,000.00 be added to other revenue reserves and an amount of € 746,032,224.96 on the 518,077,934 shares of the share capital as of December 31, 2018, be paid as a dividend, corresponding to € 1.44 per share, to the shareholders and the remaining amount of € 28,611,156.66 be carried forward to the new account or be used for other dividends on shares carrying dividend rights at the time of the Annual General Meeting and which go beyond those of the share capital as of December 31, 2018.

As with the 2017 financial year, the dividend for the 2018 fiscal year, payable after the Annual General Meeting in May 2019, will again include the election of a non-cash dividend in shares, to the extent deemed economically sensible by the Supervisory Board.“

Bochum, Germany, February 25, 2019

Rolf Buch (CEO) (Signature)

Rolf Buch

Helene von Roeder (CFO) (Signature)

Helene von Roeder

Klaus Freiberg (COO) (Signature)

Klaus Freiberg

Daniel Riedl (CDO) (Signature)

Daniel Riedl