Limited Assurance Report of the Independent Auditor regarding Sustainability Information*

To the Management Board of Vonovia SE, Bochum

We have performed an independent limited assurance engagement on the sustainability performance figures in the 2020 Sustainability Report (the “Report”) from Vonovia SE, Bochum (“Vonovia” or the “Company”) for the period from January 1, 2020, to December 31, 2020.

Our audit did not include a substantive examination of the examples marked “Project” in each chapter.

Responsibility Statement

The Company’s legal representatives are responsible for preparing the Report and for determining and presenting the sustainability performance information and key figures in accordance with the reporting criteria. Vonovia applies the principles and standard disclosures set out in the sustainability reporting standards of the Global Reporting Initiative (GRI) as reporting criteria in conjunction with internal guidelines (hereinafter: “reporting criteria”).

This responsibility of the Company’s legal representatives includes selecting and applying appropriate methods for sustainable reporting as well as making assumptions and estimates for individual figures that are reasonable in the circumstances. Furthermore, the legal representatives are responsible for such internal control as management determines is necessary to enable the preparation of a report that is free from material misstatement, whether due to fraud or error.

Declaration of the Auditor With Regard to Independence and Quality Assurance

We are independent of the Company in accordance with German commercial and professional law and we have fulfilled our other professional obligations in accordance with these requirements.

Our auditing company applies the national legal regulations and professional pronouncements on quality assurance, in particular the professional statutes for auditors and certified public accountants as well as the IDW Assurance Standard: Quality assurance requirements in audit practice (IDW QS 1).

Responsibility of the Auditor

It is our responsibility to express a limited assurance opinion on the report based on the audit we carry out.

We conducted our audit in accordance with the International Standard on Assurance Engagements (ISAE) 3000 (Revised): “Assurance Engagements other than Audits or Reviews of Historical Financial Information” issued by the International Auditing and Assurance Standards Board (IAASB). In accordance with these standards, we plan and carry out the audit in such a way that we can declare, with limited assurance, that no matters have come to our attention that lead us to believe that the Report for the period from January 1, 2020, to December 31, 2020, has not been prepared, in all material respects, in accordance with the relevant reporting criteria. This does not mean that a separate audit opinion is issued for each statement. In a limited assurance engagement, the audit procedures performed are less extensive than in a reasonable assurance engagement, resulting in a significantly lower level of assurance. The procedures selected depend on the auditor’s judgment.

In the course of our audit, we performed the audit procedures and other activities detailed below. These included:

• Questioning employees responsible for materiality analysis at Group level in order to gain an understanding of Vonovia’s approach to identifying material topics and corresponding reporting boundaries
• Carrying out a risk assessment, including a media analysis, of relevant information on Vonovia’s sustainability performance over the reporting period
• Assessing the suitability of the internally developed definitions
• Assessing the design and implementation of systems and processes for identifying, processing, and monitoring sustainability performance data and metrics, including the consolidation of data
• Questioning Group-level employees responsible for determining disclosures about concepts, due diligence processes, results and risks, performing internal control procedures and consolidating disclosures
• Inspecting selected internal and external documents
• Analytically assessing the data and trends of the quantitative information reported for consolidation at Group level by all sites
• Assessing the overall presentation of the information

Audit Opinion

Based on the audit procedures we carried out, and the audit evidence we obtained, no matters have come to our attention that cause us to believe that the sustainability performance data in the 2020 Sustainability Report for the period from January 1, 2020, to December 31, 2020, has not been prepared, in all material respects, in accordance with the reporting criteria.

Restriction of Use/Clause on General Engagement Terms

This note is addressed to and intended solely for the Management Board of Vonovia SE, Bochum. We do not assume any responsibility towards third parties in this respect.

The audit, during which we provided the above-mentioned services for Vonovia SE, Bochum, was based on the General Engagement Terms for German Public Auditors and Public Audit Firms in the version dated January 1, 2017 (https://www.kpmg.de/bescheinigungen/lib/aab.pdf). By taking note of and using the information contained in this note, each recipient confirms that they have taken note of the provisions made therein (including the limitation of liability to € 4 million for negligence in clause 9 of the General Engagement Terms) and acknowledges their validity in their relationship with us.

Düsseldorf, May 17, 2021

KPMG AG
Wirtschaftsprüfungsgesellschaft

Bornhofen
Auditors

ppa. Auer