Interim Statement Q3 2019

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Investor Relations Activities

Vonovia SE is committed to transparent, ongoing dialogue with its shareholders and potential investors. In the first nine months of 2019, Vonovia participated in a total of 18 investors’ conferences and organized 22 roadshow days in the most important European, North American, Middle Eastern, and East Asian financial centers. In addition, numerous one-on-one meetings and teleconferences were held with investors and analysts to keep them informed of current developments and special issues.

The Investor Relations team also organized and carried out property tours for interested investors and analysts on location with colleagues from the operational areas of the company. The aim of these events was to provide the participants with firsthand insight into Vonovia’s real estate portfolio and processes. Investor Relations also held detailed presentations on Vonovia and the situation on the German residential real estate market at informational events for private shareholders.

We will continue to communicate openly with the capital market. Various roadshows, conferences and participation in investor forums have already been planned. Information can be found in the Financial Calendar on our Investor Relations website.

Analyst Assessments

At present, 28 international analysts publish studies on Vonovia on a regular basis (as of September 30, 2019). The average target share price was € 51.85 as of September 30, 2019. Of these analysts, 72% issued a “buy” recommendation, with 21% issuing a “hold” recommendation and only 7% recommending that investors sell the company’s shares.