COMPANY PRESENTATION 22 June 2020 1 EXPERIENCED MANAGEMENT TEAM - PowerPoint PPT Presentation

COMPANY PRESENTATION 22 June 2020 1

EXPERIENCED MANAGEMENT TEAM Sonja Wärntges Patrick Weiden Johannes v. Mutius Chief Capital Markets Officer (CCMO) Chief Investment Officer (CIO) Chief Executive Officer (CEO) DIC Asset AG DIC Asset AG DIC Asset AG  Certified business administrator and  Certified business administrator  Certified economist International Investment Analyst (CIIA)  Approximately 20 years of  Excellent management track  Capital market expert with a proven experience in senior positions in the record, various senior positions track record, served as real estate industry in prestigious companies Division Head Equity & Debt  Long-term experience in the Capital Markets at Bankhaus Lampe real estate industry 2

GERMANY-FOCUSED COMMERCIAL REAL ESTATE PORTFOLIO COMBINED WITH STRONG REAL ESTATE PLATFORM TOTAL EUR 8.4 billion AuM c. EUR 1.9 billion real estate assets c. EUR 6.5 billion AuM Commercial Portfolio Institutional Business (Balance Sheet Investments) (Managed Accounts)  Attractive and diversified real estate products for  Directly held portfolio of high quality assets in top institutional investors providing steady income locations  Provides all real estate services (transaction, asset,  Steady income from core/core plus and value-add property and development management, sourcing of properties debt capital) and DIC occasionally acts as co-investor  67% office, 19% retail and 14% other 1  88% office, 7% retail and 5% other 1 Property Management and Development Transactions Rental income Management Fees Development Fees Sales profits Transaction Fees Equity Returns Highly resilient business model with diversified income streams Note: Financial information based on Q1 2020 1 Based on rental income Q1 2020 3 3

HIGHLY COMPLEMENTARY DUAL BUSINESS MODEL Leveraging the Platform for Stronger Cash Flow with Lower Risk Profile Benefits of the combined business model… …on transaction / asset management level …on company level Operating cost and capacity Broader market access and insight 1 1 allocation synergies throughout Germany ► EUR 3.5 million synergies – ► 7 regional offices with one headquarter, one transaction c. 150 people on the ground team, one development team, North regional property management for Critical mass with purchasing power East 2 both segments towards contractors and in transaction processes West ► EUR 2 billion transaction volume Top-line synergies Central 2 in 2019 ► Institutional Business deal generation through low risk ► EUR 8.4 billion AuM 1 South warehousing and financing capabilities ► 186 managed assets 1 ► tenant, asset & transaction ► 2.2 million sqm gross lease area 1 management capabilities as USP, also in intensive market situations 3 Broader scope of investment Offices: Hamburg, Berlin, opportunities Düsseldorf, Cologne, Frankfurt, 3 ► investments from EUR 10 million Income stream diversification Mannheim, Munich to EUR 500 million ► Balanced and recurring income ► from Core to Opportunistic streams from both segments (c. 50% / 50%) 1 Based on Q1 2020 4

SUPERIOR PLATFORM TRACK RECORD THROUGH THE CYCLE Transaction Volume 2019 Exceeded EUR 2 billion for the First Time Transaction Volume Our transaction teams surpassed the record figure for 2018  in EUR million (EUR 1.2 billion) with a transaction volume of EUR 2.2 billion in 2019 On the acquisition side , 21 properties with a total volume of  over EUR 1.9 billion (total investment cost) were notarised:  5 properties for around EUR 0.3 billion for the Commercial Portfolio  16 properties for around EUR 1.6 billion for the Institutional Business On the sales side , the sale of 15 properties with a total value  of around EUR 0.3 billion has been notarised:  11 properties for around EUR 0.2 billion from the Commercial Portfolio  4 properties with a value of EUR 0.1 billion from the Institutional Business 5

HIGHLY DIVERSIFIED EUR 1.9 BILLION COMMERCIAL PORTFOLIO Top 20 Assets with Strong Core Profile – Almost Fully Let with 7.7 Years WALT Type of use 1  EUR 1.9 billion Commercial Portfolio with 92 1 Hotel/Restaurant assets across Germany Residential 8% 1%  Stable cash flow profile with EUR 98.8 million 2 Logistics 5% Taubenstr. 7 – 9, annualised rental income representing current Berlin #1 Top Asset gross yield of 5.2% Retail 19% 2 Office  Diversified portfolio by asset class and 3 67% location, focus on Top 7 cities as well as strong metropolitan areas (“ABBA”)  Strong tenant base with long WALT of 6.2 4 Regional structure of portfolio 1 Wilhelminenstr. 1 – 3 , years and no dependency from single tenant Darmstadt #2 Top Asset or individual property Top 7 41%  Positive like-for-like growth of 2% on average 5 Small - mid 2016-2019 sized cities 59%  EPRA vacancy rate reduced to 6.5% 6 as per 31 December 2019 Werdener Str. 4, Düsseldorf #3 Top Asset As per 31.03.2020; 1 By annualised rental income as of 31 March 2020; 2 Including supermarket and Kaufhof stores 6

HISTORICAL DEVELOPMENT OF COMMERCIAL PORTFOLIO Strong Development across all KPIs Average value per property increased since 2017 due to EPRA Vacancy rate portfolio optimization… In % Number of assets – 5.3pp 13.7 .7 14.5 .5 16.8 .8 20.4 .4 11.8% 142 9.5% 113 101 7.2% 93 6.5% 2016 2017 2018 2019 x.x Average value per property (EUR million) 2016 2017 2018 2019 …and significant increase of WALT (including attractive new Positive L-f-l rental growth each year … acquisitions) L-f-l rental growth % WALT (Years) 2.7% +1.6 yrs 6.0 2.0% 5.8 5.1 4.4 1.4% 1.4% 2016 2017 2018 2019 2016 2017 2018 2019 …and again growing portfolio …reflected in rising annualised rental income since 2017… Fair value of investment properties (EUR million) EUR million +3.2% +15.9% CAGR 106.3 1,948 101.8 1,900 97.6 95.5 1,697 1,639 2016 2017 2018 2019 2016 2017 2018 2019 1 2017-2019 based on EPRA vacancy rate; 2016 vacancy rate based on sqm 7

INSTITUTIONAL BUSINESS SEGMENT Individual Investment Strategies with Strong Focus on Offices and Core/Core plus Risk Profile Our Institutional Business segment is managed by our  Deal Structures* subsidiary GEG , which had Assets under Management totalling EUR 6.5 billion as of 31 March 2020 Club Deals 14% Office properties representing more than 88% of  current annualised rental income 45% Pool Funds More than 90% of AuM with risk profile Core/Core plus  Tailored investment strategies across the yield curve, incl.:   Repositioning of landmark assets with own 41% Individual Mandates development expertise  Assets with manage-to-core approach Types of use Investment Partners** Pension funds, Basis: annualised rental income Family Offices 12% Sovereign wealth funds 38% 19% Office 88% Savings banks, banks 7% Retail 5% Other Commercial Use 31% Insurance companies *Percentages based on Assets under Management from 31 March 2020 of EUR 6.5 billion; “”Percentages based on committed equity 8

IMPLEMENTATION OF THE INVESTMENT STRATEGY Typical Institutional Business Investment Case Sale  Sales period begins after approx. 8-10 years  Reinvestment of proceeds into new investment vehicles Holding or sale & reinvestment  Execution of the respective, individual property strategy for Acquisition the realisation of value enhancement potential  Acquisition financed with committed equity and  After repositioning, the now optimised properties are bank financing at 45% LTV on purchase price managed and a stable cash flow is ensured  Occasionally warehousing of selected assets as an  Optionally, some of the stabilized properties can be sold and accelerator of funds the capital released reinvested in the investment vehicle Management fee elements Promote/performance fee Asset/property management/ Acquisition and setup fee (one time, success based) development fee (one time, not success based - recurring) Exit fee (recurring) (one time, not success based - recurring) 9

HIGHLY PROFITABLE INVESTMENT MANAGEMENT BUSINESS Institutional Business Volume (AuM) Market value of equity investments in Institutional Business in EUR billion in EUR million CAGR c.63.4% Sale of a co- 5.7 investment 155.6 3.9 129.9 130.7 99.4 96.6 1.5 1.1 0.8 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 Income from Institutional Business in EUR million Share of profit of associates without project developments and sales Transaction- and Performance Fees Asset-, Property Management and Development Fees CAGR 68.3 c. 52.4% 31.7 39.2 11.8 23.5 21.2 31.2 10.8 8.5 21.8 8.3 10.0 10.3 5.6 5.6 2.4 2.7 5.4 2.7 2015 2016 2017 2018 2019  Steadily increasing income generation from Institutional Business, with strong visibility across different recurring income streams 10