[PPT] - June 2020 Disclaimer This document is not a securities PowerPoint Presentation

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June 2020

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This document is not a securities prospectus, and the information contained therein does not constitute an offer to sell, or a solicitation of an offer to buy, securities of Noratis AG (“Noratis”) in the Federal Republic of Germany or in any other country, specifically not if such an offer or solicitation is prohibited or not approved. The information contained in this document may not be distributed outside the Federal Republic of Germany, specifically not in the United States of America, to US persons (as defined in Regulation S under the United States Securities Act of 1933) or to publications with a general circulation in the United States, unless such distribution outside the Federal Republic of Germany is prescribed by mandatory provisions of applicable law. Any violation of these restrictions may constitute a breach of the securities laws of certain countries, in particular those of the United States of America. Securities of Noratis are not publicly

ffered for sale outside the Federal Republic of Germany.

This document contains forward-looking statements based on current estimates and assumptions made by the senior management of Noratis. Such statements are not to be understood as guarantee that predictions of this sort will prove to be correct. In particular, any statements on acquisitions presuppose the actual signing of the necessary contracts or the successful procurement of the necessary equity and debt capital. The future development and actual results achieved by Noratis and its affiliates are subject to a number of risks and uncertainties, and may therefore differ materially from these forward-looking statements. Many of these factors are beyond Noratis' control and cannot be accurately appraised in advance, including the future economic environment or the actions of competitors and other market players. Noratis does not intend to update its forward-looking statements.

Disclaimer

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Agenda

1. Company overview

04

2. Projects

14

3. Market

21

4. Financials

24

5. Strategy and summary

28

6. Appendix

32

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1. Company overview

Location Krefeld

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5

1. COMPANY OVERVIEW

Noratis – enhancement of property values

Covering all core functions along the value chain (acquisition, technical and commercial development, sales) with own employees Focus on portfolios from around 20 residential units of basic to medium standard with potential for development Enhancement of property values in the interest of all stakeholders, from tenants and employees to financing partners and investors Listed, specialised developer-trader

f residential property portfolios

based in Eschborn near Frankfurt am Main Investments across Germany with focus

n

peripheral regions

f

metropolitan areas and cities with stable demographic development Preferably housing estates, emplo- yee housing and quarters; flexibility regarding vacancy rate or property conditions

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6

Development of existing properties with clear exit strategy for each portfolio

1. COMPANY OVERVIEW

Development

Increase in value through investments and active asset management

Acquisition

Focus on housing stocks with potential for development in secondary locations

Sales

Two exit strategies: disposal through block sales and / or sales

f individual apartments

Reinvestment

Reinvestment of disposal proceeds; positioning as attractive dividend stock

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7

1. COMPANY OVERVIEW

Holding structure of Noratis AG(1)

(1) As of May 31, 2020; (2) According to German GAAP

Registered office: Eschborn near Frankfurt am Main Employees: 47 (FTE Q1 2020)(2) Foundation year: 2002 (2012 first full operational year)

Nor

ratis AG

AG

Holding company directly owns properties (several

projects), provides services to project companies and holds shares in a subsidiary 100 % 94 % 100 % 65 % Nor Noratis is Li Livi ving Gmb mbH

Currently no projects
Sales completed

Nor Noratis is Ha Habitat Gmb mbH

Project in Frankfurt

Nor Noratis is Woh

hnen Gmb

mbH

Project in Neu-Isenburg
Merged with 2. HeBa

Immobilien UG and Noratis Residential GmbH Proje

ject com
mpanie

ies (without employees) Nor Noratis is West GmbH

Focus on small assets in the

Rhineland and Ruhr region

Assets in both Krefeld and

Mönchengladbach Sub ubsid idiarie ies (own employees)

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8

Established network

 Outstanding access to sellers and brokers

with a high number of off-market offers

 Tripling of the offers received to more than

220,200 residential units since 2015(1) in the value of approx. 22.7 bn EUR

Specific contact and information

management tool

 Collection and assessment of all incoming

ffers through the Company‘s customised

IT tool

 Market information for secondary

locations available internally

Team with great expertise in planning and

managing development measures executed by external partners

 High specialisation and process

standardisation including technical due diligence

 High cost transparency and planning

security

Asset management team monitors external

facility managers and realises rent potentials

 Continuous reduction of vacancy rates,

increase of rents and improvement of payment behaviour

 High flexibility and use of local know-how

Exit strategy with two distribution channels

 Block sales  Sales of individual apartments

Own sales employees on site in case of sales
f individual apartments

 No remaining apartments (“Swiss cheese”)  High acceptance and trust of residents  No dependency on external sales partners  High consulting quality

Identification of sales team with both the

asset and the Company

Transparent and efficient communication

with tenants

Our strengths along the value chain

1. COMPANY OVERVIEW

Acquisition Development Sales

(1) As of December 31, 2019

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9

Excess return: through realisation of developer margin upon disposal
Potential: reduction of vacancy rates and increase of rents due to

development measures

Exit orientation: clear definition of development measures and exit

strategy for each portfolio

... the advantages of a portfolio holder

Substance: stable assets with significant hidden reserves
Secure cash flows: recurring cash flows from rents
Stability: rents cover both capital and operating costs
Risk avoidance: no increase in vacancy rate through tenant-friendly

modernisation of the portfolios

... the advantages of a property developer with …

Business model with an attractive risk-return profile combines ...

1. COMPANY OVERVIEW

+

RISK

+

RETURN

Portfolio holder Project developer

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10

Merz Group as new anchor investor

1. COMPANY OVERVIEW

Lo Long-term-or

rie

iented sh sharehold lder

Renowned family company with a tradition of over 110 years

Ope peratio ional l foc

cus on

n the he he health althcare se sector

The Merz Group's main operation focuses on the globally oriented

healthcare sector with the businesses Merz Aesthetics, Merz Therapeutics and Merz Consumer Care to be known for its brands tetesept and Merz Spezial

The Merz Group also operates in other businesses, among others the

real estate sector Glob lobal l pr presence

Based in Frankfurt with subsidiaries and offices in Europe, USA, Canada,

Latin-America and Asia-Pacific Financia ial l str trength

The Merz Pharma Group alone has around 3,200 employees worldwide

with a turnover of 1.1 bn EUR in 2019 generating an EBIT of around 138 m EUR

Merz Group at a glance

Tran ansacti tion

n str

tructure

Investment through Merz Real Estate GmbH & Co. KG in March 2020
Acquisition / secondary placement of 29,4 % of the total shares
Subscription of 252,525 new shares at 19.80 EUR per share in a capital

increase subject to an exclusion of subscription rights (closing in May 2020)

With currently around 35 % of the total shares, Merz is the largest

shareholder of Noratis

Long-term strategic approach backed by the commitment to invest up

to 50 m EUR of equity until the end of 2024 Str trategic ic mot motivati tion n

Accelerated portfolio growth with accompanying short-term reduction

in sales activities

Increased focus on recurring stable cash flows from rents aiming at

independency from sales revenues

Optimising the time of sale of the developed portfolios
No change in the strategic focus: Noratis remains a portfolio developer

with clear exit strategy for each portfolio

Merz as new major shareholder of Noratis

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11

Strengthening of regional acquisitions through operating subsidiaries

1. COMPANY OVERVIEW

Investment criteria

Loc Locati tion in cities from about 10,000 inhabitants in solid locations of the Rhine-Ruhr region Con

ndit

itio ion buildings with commercial and / or technical development potential Asset siz size from 3 residential units Use se housing estates as well as residential and commercial properties (commercial use with a proportion of up to c. 25 %) Spe pecia ial l interest from construction year 1950 onwards, possibly not requiring structural restoration Public ublic fund undin ing possible, in particular in case of a short residual term of the (post-)binding period

New subsidiary Noratis West GmbH

Str trategy: y: establis lishment t of f ne new local l acquis isit itio ion ne netw tworks

Extension of the group's acquisition strategy:

Small-scale acquisitions of higher yielding assets also in other attractive markets with potential outside of the Rhine-Main region

Local presence and establishment required

First regional subsidiary (″satellite″): Nor Noratis is West t GmbH

First regional subsidiary based in Ratingen; Rhineland and Ruhr region as

target area with high potential

Involvement of regional real estate experts with long-standing

experience in the acquisition and disposal of properties and a strong local network

Entrepreneurial leadership by managing partners (35 %), fully

consolidated by Noratis AG (65 %)

Focus on assets with investment volumes of up to 5 m EUR
Noratis AG provides know-how, capital and administrative support;

subsidiary focuses on operations

Already shortly after its founding first assets with around 40 units have

been acquired in Mönchengladbach, Krefeld and Solingen

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Capital markets information(1)

1. COMPANY OVERVIEW

Key data(1) Shareholder structure (in %) Development of share price since IPO (in EUR)

(1) As of June 12, 2020

ISIN/WKN DE000A2E4MK4 / A2E4MK Ticker symbol NUVA Type of shares 3,854,422 no-par value ordinary bearer shares Market capitalisation c. 81.3 m EUR Share capital 3,854,422.00 EUR (after capital increase of 7 % in May 2020) Initial listing June 30, 2017 Initial issuing price 18.75 EUR Segment Frankfurt Stock Exchange (Scale Segment) Designated sponsor ICF BANK AG Research Warburg Research (June 11, 2020) „buy“ target price: 27.50 EUR SMC Research (May 13, 2020) „buy“ target price: 28.80 EUR Free float Igor C. Bugarski Terratis GmbH Merz Real Estate 7.4 34.9 11.4 46.3 14 17 20 23 26 29 Jun 17 Nov 17 Apr 18 Sep 18 Feb 19 Jul 19 Dec 19 May 20

Total return: 33 %

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Management with long-standing experience in the real estate sector

1. COMPANY OVERVIEW
Since 2015 at Noratis
Long-standing real estate investment

banking background (i.e. Morgan Stanley and Deutsche Bank)

Since 2011 shareholder of Noratis
Long-standing real estate and corpo-

rate development experience (i.e. CBRE and DeTeImmobilien)

Operations l Sales l Legal l HR

Igor Christian Bugarski

CEO | Civil Engineer Financing l Controlling l IR l IT

André Speth

CFO | MBA

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2. Projects

Location Neu-Isenburg

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2. PROJECTS

Locations of sold projects and number of residential units(1)

(1) As of May 31, 2020; units including commercial properties and secured acquisitions; exclusively projects from 2014 onwards mentioned here; (2) Thereof 47 already acquired in 2008 6 5 3 4 14 13 8 11 9 10 12 17 16 18 15 2 7 1

Heddesheim l 16

1

Neu-Isenburg l 12

2

Bad Homburg l 18

3

Ulm l 104

4

Dormagen l 755

6

Großkrotzenburg l 52

7

Koblenz l 24

8

Bad Hersfeld l 55

10

Friedberg l 72

11

Zweibrücken l 32

12

Erfurt region l 121

18

Krefeld l 36

5

Mayen l 176(2)

13

Bünde l 240

14

Frankfurt l 179

15

Schwarzenbek l 99

16

Trier l 100

17

Steinau l 128

9

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Track record: all projects concluded successfully(1)

2. PROJECTS

(1) As of May 31, 2020; exclusively completed projects from 2014 onwards mentioned here; (2) Units including commercial properties; (3) Thereof 47 already acquired in 2008

Project Acquisition date Sales completion Duration (months) Units(2) Rental area (in m²) Retail Heddesheim Jan 12 Dec 15 47 16 1,600 Neu-Isenburg May 13 Jan 15 20 12 800 Bad Homburg Jan 14 Jul 15 18 18 1,300 Ulm I Jul 14 Oct 16 27 72 5,300 Krefeld I / II Jun 14 / Jan 15 Jan 18 / Jun 17 43 / 29 30 / 6 3,500 Dormagen IV Oct 15 Aug 18 34 88 5,900 Großkrotzenburg Aug 16 Mar 19 31 52 4,000 Block Koblenz Sep 12 Dez 14 27 24 2,000 Steinau Jan 13 Jun 15 29 128 8,800 Bad Hersfeld Jan 13 Sep 15 32 55 3,700 Friedberg May 13 Dec 14 19 72 3,800 Zweibrücken Sep 13 Sep 15 24 32 1,900 Mayen Feb 14 Mar 16 25 176(3) 11,300 Ulm II Jul 14 Mar 15 8 32 2,400 Frankfurt Niederrad Nov 14 Dec 18 51 100 5,400 Bünde Dec 14 Oct 16 22 240 11,800 Dormagen I / II / III Oct 15 Oct 16 / Jan 17 / Dec 17 12 / 15 / 26 137 / 309 / 221 45,000 Schwarzenbek Jun 15 Jun 18 36 99 6,800 Erfurt region Feb 17 Dec 19 34 121 7,300 Trier I / II May 17 / Jul 18 Jan 19 20 / 6 80 / 20 8,500 Frankfurt Bornheim Jul 17 May 19 22 60 4,900 Frankfurt Fechenheim Dec 17 Dec 19 24 19 1,500 Total ∅ 25 2,219 147,500

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2. PROJECTS

Locations of current projects and number of residential units(1)

(1) As of May 31, 2020; units including commercial properties and secured acquisitions 4 5 7 10 11 8 9 1 3 12 13 6 14 15 16 17

Zweibrücken l 24

1

Riedstadt l 24

2

Erlensee l 46

3

Frankfurt l 415

4

Rügen l 142

5

Gladbeck l 32

6

Ratzeburg / Mölln l 355

7

Celle / Königslutter l 410

8

Ratingen l 156

9

Freital l 93

10

Kassel l 36

11

Neu-Isenburg l 185

12

Steinfurt l 111

13

Krefeld l 48

14

Magdeburg l 149

15

Leipzig region l 110

16

Neuruppin l 165

17

Emden l 79

18

Rüsselsheim l 83

19

Bensheim l 17

20

Bavaria l 358

21 20 18 19 2 21

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2. PROJECTS

Current stock of around 3,000 units(1)

(1) As of May 31, 2020; (2) Units including commercial properties; (3) Secured acquisitions

p

Project Acquisition date Units(2) Rental area (in m²) Retail

Zweibrücken Sep 13 1 of 24 100 Riedstadt Sep 15 2 of 24 200 Erlensee Sep 16 20 of 46 1,500 Frankfurt Ginnheim Sep 18 363 24,200

Block

Dranske (Rügen) Mar 17 67 4,600 Sagard (Rügen) Mar 17 75 4.300 Gladbeck May 17 32 3,400 Ratzeburg / Mölln Nov 17 355 20,600 Celle / Königslutter Jun 18 345 24,700 Frankfurt Rödelheim Aug 18 9 500 Ratingen Dec 18 156 11,000 Freital Feb 19 93 8,900 Kassel Mar 19 36 2,400 Neu-Isenburg I May 19 35 3,000 Frankfurt Innenstadt Jul 19 25 2,100 Steinfurt Aug 19 111 6,200 Neu-Isenburg II Aug 19 150 8,600 Celle II Oct 19 65 3,700 Krefeld Dec 19 48 3,200 Magdeburg Dec 19 149 8,900 Frankfurt Höchst Dec 19 18 800 Leipzig Dec 19 60 3,100 Neuruppin Dec 19 165 13,200 Emden Apr 20 79 3,800 Halle / Leipzig(3) exp Jul 20 50 2,900 Rüsselsheim(3) exp Aug 20 83 8,300 Bensheim(3) exp Aug 20 17 1,100 Bavaria(3) exp Dec 20 358 22,400

Total 2,967 197,700

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Distribution by region (in % based on m²) Distribution by use (in % based on m²)

Portfolio book value at year end 2019: 238.8 m EUR accounted at cost(1)

(1) As of December 31, 2019

Portfolio overview as of 31 December 2019

Number of assets (in units) 2,407 thereof residential (in units) 2,347 thereof commercial (in units) 60 Number of garages and parking 1,413 Total rental space (in '000 m²) 161.2 thereof residential (in '000 m²) 149.7 thereof commercial (in '000 m²) 11.5

,

Total vacancy (in %) 5.6 In-place net rent annualised (in m EUR) 11.6 Total book value (in m EUR) 238.8

2. PROJECTS

9 30 6 25 12 6 6 15 Brandenburg Hesse Mecklenburg-W. Pomerania Lower Saxony North Rhine-Westphalia Saxony Saxony-Anhalt Schleswig-Holstein 98 2 Residential use Commercial use

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Incoming offers 2019

2. PROJECTS

Outstanding market access with competitive advantages in acquisitions

Competitive advantages

Deep market penetration with know-how and network also for small and medium-sized portfolios as well as secondary locations Flexibility regarding portfolio size, location and property conditions Strong market position as a reliable, renowned partner Speed due to size and efficiency of the Company Standardised processes for a short due diligence period with high cost accuracy Period from offer received to signature of purchase contract possible within 8 weeks

Contract signed 820 units 98 m EUR Offers received 220,200 units 22.7 bn EUR Bids placed 11,100 units 1.1 bn EUR

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3. Market

Location Leipzig

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22

Construction costs at the time of permission (in EUR/m2)

Favourable supply – demand dynamics for German residential properties

3. MARKET
Growth in population and households due to immigration,

singularisation and rising demand for space per capita

Price increases due to shortage of supply and insufficient construction

activity

Stable economic growth with a positive trend in the labour market and

rising incomes

Favourable financing environment with historically low interest rates and

insufficient supply of investment opportunities

Completed and required construction activities (in '000 units) Socio-economic development

Sources: BBSR, Statistisches Bundesamt

Continuously strong demand for high quality and affordable housing

(rental rates below 10 EUR/m² living space per month)

Profitable leasing of newly developed apartments not possible below 10

EUR/m² p.m.

Increase of construction costs by 40 % from c. 1,300 EUR/m² in 2009 to

more than 1,800 EUR/m² in 2019

Further rising construction costs expected due to an increase in

regulations

Significantly higher returns in secondary locations versus prime locations

Residential property market

1,332 1,391 1,478 1,565 1,695 1,847 2009 2011 2013 2015 2017 2019 200 400 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Completion Permits Demand

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23

Sustainable market potential due to aging of a large national housing

stock (need for renovation and modernisation)

Targeted market segment (construction year between 1919 and 1986)

comprising c. 60 % of the existing housing stock

Insufficient capital expenditure throughout the nation-wide housing

stock to fulfil modern requirements

Housing stock by construction year (in %) Market potential

Stable market segment with sustainable growth potential

3. MARKET
Stable trading levels of portfolios with 100 to 800 units compared to the

total market with significantly lower volatility

Relatively stable trading volumes also during the financial crisis 2009 and

2010

On average c. 22,000 p.a. residential units sold within the segment of

small transactions from 2009 to 2019

Number of residential units sold (in '000) Market segment

Sources: BBSR, Statistisches Bundesamt

13 10 41 9 3 12 6 5 before 1919 1919 to 1948 1949 to 1978 1979 to 1986 1987 to 1990 1991 to 2000 2001 to 2010 2011 and later > 42 m units 100 200 300 400 10 20 30 2009 2011 2013 2015 2017 2019 Portfolios (100 to 800 units) Total transaction volume

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4. Financials

Location Freital

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25

Gross sales profit (in m EUR)

Accounting according to German GAAP l Revenues primarily driven by portfolio sales l No comparison (financial ratios etc.) to portfolio holders l Sustainable, high profitability

EBIT (in m EUR) EBT (in m EUR) Net profit (in m EUR)

4. FINANCIALS

Sustainable high profitability

Total revenues (in m EUR) Gross rental profit (in m EUR)

Sales margin (in %) Gross sales profit Rental revenues Sales revenues 2.3 3.9 3.8 4.3 7.2 2015 2016 2017 2018 2019 19.0 37.8 61.9 48.2 63.0 4.8 6.7 6.1 7.9 12.9 2015 2016 2017 2018 2019 3.8 9.9 15.2 15.6 15.8 2015 2016 2017 2018 2019 1.5 6.0 12.2 12.8 12.1 2015 2016 2017 2018 2019 1.1 4.2 8.7 9.3 8.7 2015 2016 2017 2018 2019 3.8 9.2 17.7 17.3 14.4 2015 2016 2017 2018 2019 19.8 24.4 28.6 35.9 22.9

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4. FINANCIALS

Bilanzsumme Aktiva

Assets (in m EUR) Total equity and liabilities Equity and liabilities (in m EUR)

German GAAP accounting does not reflect hidden reserves of the portfolio

Total assets 258.9 214.1 127.8 258.9 214.1 127.8 2018 2017 2019 2018 2017 2019

Other liabilities Primarily provisions for pending capex

f sales and profit-related tax provisions

Shareholders' equity Improvement through both operating success and capital raising; hidden reserves not reflected Bond Unsecured bond issued before IPO (including accrued interest) Bank debt Secured and unsecured bank loans, also includes leasing and accrued interest Cash and other current short-term assets Primarily liquid funds from sales generated during the course of 2019 Other assets Non-current assets and prepaid expenses Inventory properties German GAAP accounting of all properties as inventory at cost (trading); hidden reserves not reflected

2.9 3.2 1.2 238.8 176.7 99.2 17.2 34.2 27.4

2019 2018 2017

12.3 9.7 24.5 80.3 149.1 175.1 5.9 5.9 5.9 29.3 49.4 53.4

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27 173.4 1.6 5.7 20 40 60 80 100 120 140 160 180 200

Financing structure(1)

(1) As of December 31, 2019

Maturity profile of financial liabilities (in m EUR) Financing structure (in m EUR)

4. FINANCIALS

Covenants

180.7 m EUR up to 1 year

ver 5 years

1 to 5 years Secured bank loans

Average interest rate p.a.: 1.5 %
Usually regional savings banks
Secured by land charges

Unsecured bank debt

Average interest rate p.a.: 2.9 %

Bond

Interest rate p.a.: 7.5 %
Shareholders and „friends & family“
Issued before IPO
Early repayment in June 2020

∑ 180.7 (total average cost of debt of 1.7 %) 1 169 11

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5. Summary

Location Neuruppin

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29

Focus on portfolio development Continuing growth Proven acquisition profile Sustainable dividends

Development of residential property portfolios with a clear exit strategy for each portfolio

 Revenues primarily driven by portfolio sales, but increasing share of rental revenues  Sale of projects at the best possible point in time in order to optimise total return



High yields compared to portfolio holders and lower risks compared to property developers

Growth of the project portfolio and platform



Continuous generation of disposal profits by simultaneously selling multiple projects



Use of economies of scale with costs rising slower than revenues



Short-term reduction of sales in order to quickly expand the portfolio and to strengthen rental revenues

Investment focus on portfolios up to c. 1,000 residential units



Attractive niche with stable trading volumes and room for further growth



Transaction processes of smaller portfolios currently slightly less competitive



Small-scale acquisition of objects in attractive regions through independent subsidiaries

High dividend potential



Positioning as attractive dividend stock



C. 50 % of annual profits based on German GAAP accounting distributed to shareholders

Key strategic objectives

5. STRATEGY AND SUMMARY

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30

Focused business model Attractive market segment High growth potential Scalability of the platform Experienced management Hidden reserves

Attractive risk-return profile between portfolio developer and portfolio holder
Positioning as dividend stock with c. 50 % of annual profits distributed to shareholders
Market segment with lower volatility (prices and rents) as well as attractive returns
Stable trading levels of portfolios with up to 800 residential units
Preferred portfolio size usually too big for private investors and too small for institutional investors
Sustainable market potential due to aging of existing housing stock; new construction significantly more expensive
Main platform investments already made; economies of scale are realisable
Covering all core functions along the value chain with own employees
Long-standing track record with solely successfully sold portfolios
Excellent market reputation
Hidden reserves in the balance sheet (German GAAP) as additional stabilisation factor and proof of the portfolio

value

Investment highlights

5. STRATEGY AND SUMMARY

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31

The average annual growth in profit (2014 to 2019) amounting to

61 %

3,000

Current portfolio of c.

residential units(²)

The average project duration (since 2014) from acquisition to disposal amounting to 25

months

240

with c. 2,250 units successfully sold since 2014

m EUR

Volume of more than

(1) As of May 31, 2020; (2) Units including commercial properties and secured acquisitions

Noratis in numbers at a glance(1)

755

with a rental area of around 50,000 m² as the largest project so far

residential units

The acquisition of the Dormagen portfolio in 2015 comprising

440

f

c. 5,000 apartments acquired since 2014

m EUR

Volume of more than

5. STRATEGY AND SUMMARY

43

m EUR

pre-tax profit generated since 2016

More than

Acquisition volume received in 2019

22.7

bn EUR

SLIDE 32

6. Appendix

Location Dormagen

SLIDE 33

33 APPENDIX 1 – FINANCIALS

Consolidated balance sheet as of December 31, 2019(1)

(1) Differences due to rounding possible

Assets (in '000 EUR) 2019 2018 2017

A. Fixed assets

427.7 509.9 445.9

I. Intangible assets

33.6 50.9 68.2

II. Property, plant and equipment

394.1 459.0 377.7

1. Properties

9.6 10.1 10.6

2. Other assets, equipment

384.5 448.9 367.1

B. Current assets

256,061.3 210,830.7 126,464.9

I. Properties for sale

238,848.8 176,670.9 99,026.8

II. Receivables and other current assets

8,593.5 24,500.5 5,618.5

1. Accounts receivable

8,220.9 24,051.2 1,671.0

2. Other (current) assets

372.6 449.4 3,947.5

III. Securities

1,652.2 1,808.6 3,927.6

IV. Cash and cash equivalents

6,966.8 7,850.7 17,892.1

C. Prepaid expenses

2,260.2 2,725.2 747.6

D. Deferred tax assets

200.2 0.0 0.0 Total assets 258,949.3 214,065.7 127,838.4 Equity and liabilities (in '000 EUR) 2019 2018 2017

A. Shareholders' equity

53,427.4 49,460.8 29,274.5

I. Subscribed capital

3,601.9 3,601.9 2,920.0

II. Capital reserve

31,490.8 31,490.8 16,830.0

III. Retained profit

18,116.3 14,149.7 9,284.9

IV. Non-controlling interests

218.5 218.5 239.7

B. Provisions

4,989.7 5,435.1 7,273.5

1. Tax provisions

2,678.7 2,793.2 4,355.9

2. Other provisions

2,311.0 2,641.9 2,917.6

C. Liabilities

200,259.6 157,587.7 90,204.6

1. Bonds

5,925.6 5,928.0 5,946.1

2. Liabilities to financial institutions

175,062.8 149,088.1 80,250.0

3. Advance payments

3.0 7.2 107.5

4. Accounts payable

18,451.7 1,914.8 818.5

5. Other liabilities

816.5 649.5 3,082.5

D. Deferred income

272.6 210.0 134.0

E. Deferred tax liabilities

0.0 1,372.1 951.8 Total equity and liabilities 258,949.3 214,065.7 127,838.4

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34

Consolidated income statement(1)

APPENDIX 1 – FINANCIALS

(1) Differences due to rounding possible

in '000 EUR

2019 2018 2017

1. Total revenues

75,950.5 56,120.6 67,988.7

2. Increase/reduction of inventory property

62,710.8 76,915.8 1,760.5

3. Other operating income

1,001.7 698.4 169.5

4. Expenses
116,063.2 -111,420.6
48,225.8

a) Expenses from sale of inventory property

110,311.4 -107,784.2
45,934.4

b) Rental expenses

5,751.8
3,636.4
2,291.4
5. Personnel expenses
4,057.2
3,526.7
2,380.1
6. Depreciation on intangible fixed assets and property, plant and equipment
187.3
170.7
95.8
7. Other operating expenses
3,591.6
3,072.1
3,994.4
8. Other interest and similar income

150.4 208.2 150.2

9. Interest and similar expenses
3,829.2
2,979.5
3,133.6
10. Taxes on income and earnings
3,411.7
3,504.2
3,564.5
11. Other taxes
2.9
3.1
2.8
12. Profit for the period

8,670.2 9,266.0 8,672.0

. .

13. Minority interest
21.2
21.2
7.6
14. Profit attributable to shareholders

8,649.1 9,244.8 8,664.4

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35

Consolidated income statement by revenue categories(1)

APPENDIX 1 – FINANCIALS

(1) Differences due to rounding possible

in m EUR

2019 2018 2017 Units sold 339 294 587 Revenues 75.9 56.1 68.0 Revenues from sale of inventory property 63.0 48.2 61.9 Expenses from sale of inventory property (incl. pending capex measures)

48.6
30.9
44.2

Gross profit from sales 14.4 17.3 17.7 Rental revenues 12.9 7.9 6.1 Rental expenses

5.7
3.6
2.3

Gross profit from letting 7.2 4.3 3.8 Gross profit 21.6 21.6 21.5 Other operating income 1.0 0.7 0.2 Personnel costs

4.1
3.5
2.4

Depreciation

0.2
0.2
0.1

Other operating expenses

2.6
2.3
2.5

Costs of IPO/capital increase 0.0

0.8
1.5

EBIT 15.8 15.6 15.2 Net interest expenses

3.7
2.8
3.0

EBT 12.1 12.8 12.2 Income taxes

3.4
3.5
3.6

Consolidated income 8.7 9.3 8.6

SLIDE 36

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