Christian HillermannStrategic Financing of a Listed CompanyADLER Real Estate AG

Dr. Sven JanssenOddo Seydler Bank AG

Contents

1. Company highlights

2. Event driven/ special situation strategy

3. Property portfolio at a glance

4. Privatisation and trading platform

5. Operating performance and financials

6. Outperforming benchmarks

ADLER Real Estate AG – company presentation

Growing the company in a fast and accretive way 2

1. Company highlightsFive pillars that define ADLER Real Estate

A true growth opportunity in German residential market 3

Portfolio acquistions Corporate M&A Restructuring and repositioning

1. Event driven / special situation strategy: strong capabilities and track record

Why A and B locations? Vacancy reduction and rental increase potential Deep discounts to replacement costs

2. Property portfolio at a glance

Rental income FFO I and FFO II EPRA NAV developments Capital structure

4. Operating performance and financials

Gross rental income and earnings (FFO I and FFO II) EPRA NAV/ per share including recent transactions (Ajax portfolio c. 2,700 units and 24.79% stake in conwert Immobilien Invest SE)

5. Guidance

Asset and Property Management Proprietary IT platform Lean operating structure

3. Operating platform

4

Strong capabilities and track record2. Event driven / special situation strategy

Considerable growth and value creation thanks to a successful strategy

2.1 Event driven / special situations Strong capabilities and track record

Successful disposal of legacy Commercial assets

44k sqm

Westgrund AGTakeover offer

c. 21,000** units

January February March April May June July August September October November December January February

Corporate Bond 14/19

EUR 50m Tap 14/19Corporate Bond

EUR 30m

Capital IncreaseEUR 21m

A B C D E

1 3

Portfolio 1,906 units

4

Portfolio8,500 unis

5

Portfolio4,300 units

March

Portfolio6,750 units7 8

ESTAVIS AG*

2,100 units

Note: *Renamed to ACCENTRO Real Estate AG since 5th Jan 2015, **including notarised assets, ***subject to approval at extraordinary shareholder meeting

2

Portfolio2,400 units

Tap 14/19Corporate Bond

EUR 50mCapital increase

EUR 80m

April

F

Corporate Bond 15/20

EUR 300m

9

May

Successful disposal of Berlin assets

1,174 units

Acquisitions/Disposals

Capital markets

H

Mandatory Convertible Bond*** (IFRS Equity)

EUR 175m

11

Acquisition of 24.79% of ATX listed conwert Immobilien

Invest SE29,896 units

June July August

10

Ajax portfolioc. 2,700 units

6

Capital increase EUR 190m

G

September

2014 2015

5

2.2 Recent M&A transactionsThree examples in value creation

Proven track record in value enhancing transactions 6

1. Deep discount to NAV2. Unfocused strategy3. Strategic privatisation business

(ACCENTRO GmbH)4. Consolidation play

1. Sale of commercial portfolio (c. EUR 26m Book Value)

2. Improved quality of asset base destined towards privatisation (H1 14: c. 40m vs. H1 15: 113m)

3. Rebranding to ACCENTRO AG4. Increased sales (FY 14: 477 vs. H1 15: 1,286

units)

Rationale Achievements

1. Portfolio restructuring 2. Portfolio optimisation3. Strategic repositioning4. Strengthening privatisation platform

Targets

1. Strong asset base in Berlin and B-locations

2. Significant value upside potential3. Synergies and rental income4. Strong capital structure: low leverage

(53% LTV) Low WACD (2.7%)

1. Full consolidation H1 20152. IT and operational integration commenced

1. Strengthen asset and property Management capabilities

2. Increase rents, lower vacancy3. Operational and financial

synergies, 2015 - 2018 of c. EUR 20m

4. Full consolidation

1. Strong asset base - undervalued2. Indirect exposure to A-locations3. Privatisation play (ACCENTRO)4. Low leverage

n/a

1. Support shareholders and management

2. Explore opportunities with ACCENTRO

3. Revaluation of assets4. Supporting optimisation strategy

Stake 92.7%

Consolidation H1 14

Volume (€ m) 80

Stake 94.9%

Consolidation H1 15

Volume (€ m) 415

Stake 24.8%

At-equity cons. Q3 15*

Volume (€ m) 285

✓

Rationale AchievementsTargets

Rationale AchievementsTargets

✓

✓

Note: *estimate

7

Improving portfolio specifics through active Asset Management3. Property portfolio at a glance

8

3.1 Property portfolio at a glance

Considerable upside potential in both rents, vacancy reduction and capital appreciation

Main exposure to Berlin, Lower Saxony, NRW and Saxony

Geographical diversification Key portfolio figures

Total units9,865

32.8%

North Rhine Westphalia

Total units6,632

14.6%Saxony

Total units14,926

Lower Saxony

8.3% Total units3,795

Saxony-Anhalt3.6% Total units

1,623

Berlin

3.4 %

Total units1,544

Thuringia1.1 %

Total units485

Hesse

8.1% Total units3,685

Brandenburg

3.3% Total units1,508

Mecklenburg-Western-Pomerania1.4%

Total units637

Schleswig-Holstein

Total units266

0.6 %

Others

21.6%

1.4%

Total units615

Rhineland-Palatinate

c. 50k units

No of units 48,484*

In-place rent (EUR/sqm p.m.)

4.89

Occupancy rate (%) 88.5%

Fair Value/sqm (EUR) 725

R&M and Capex (EUR/sqm, H1 15 p.a.)

11.1

Gross rental income FY 15 Guidance

EUR 196 m

Gross rental income (run rate)

EUR 232 m

Note: *As at 30.06.2015, incl. Privatisation portfolio, i.e. 1,700

Note: As at 30.06.2015

3.2 Asset & Property Management track recordProactive AM and PM and proprietary IT platform

Promising rent increase and vacancy reduction 9

Strategy and key prioritiesTrack record (like-for-like)

Rent increase

Reduction in vacancy

• Integration of WESTGRUND properties – best practice

• Consolidation of Property Management (PM) across the portfolio

• Extending proprietary PM and levering existing structures in Lower Saxony (internalising another c. 3,900 units by FY 15)

• Realisation of purchasing power across portfolios

Property Management structure

11,1%10,6%

10,0%

11,0%

12,0%

Portfolio as at H1 14 Portfolio as at H1 15

Across all portfolios that have been consolidated for more than 12 months

5,11

5,17

5,05

5,10

5,15

5,20

EUR/

sqm

/p.m

.

Portfolio as at H1 14 Portfolio as at H1 15

1.1m sqm

Internal PM

External PM

23%

77%

Increasing in-house Property Management

10

ACCENTRO at a glance4. Privatisation and trading platform

18%

37%

0%

10%

20%

30%

40%

FY 14* H1 15

Gro

ss m

argi

n

Privatisation and trading platformACCENTRO’s performance with growing momentum

Investment in a growing industry

High quality selected portfolios

City No. of units

EUR/sqm % share

Berlin 1,174 1,303 83%

Leipzig 261 414 7%

Dusseldorf 86 1,276 5%

Top 3 1,521 1,131 95%

Increased unit sales at higher gross margins

Strategic importance and significant contribution to liquidity

FY 14 H1 15

No. of units 1,299 1,686

IFRS BV (EURm) 75.1 112.9

477

1.286

0

500

1.000

1.500

FY 14* H1 15

No.

of

unit

s so

ld

Significant liquidity contribution

Inventory assets increased by c. 30% since FY 14

Berlin accounts for c. 83% of the total book value (IAS 2)

Note: *short fiscal year, showing sales activities, **adjusted for realised revaluations, rounded

EUR m FY 14* H1 15Gross sales proceeds 45.5 102.3- Carrying amounts** -38.7 -74.4Total operating income 6.8 27.9- Cost of sales -1.8 -1.3Net sales proceeds 5.0 26.6

- Loan repayment -31.2 -45.7Liquidity contribution 12.5 55.3

Note: as at 30th June 2015

Note: Book value as at 30th June 2015

11

12

Company results – H1 2015 highlights5. Operating performance and financials

5.1 H1 2015 - at a glanceImproving fundamentals across the board

13

342

647

0

200

400

600

800

1.000

FY 14 H1 15

EUR

m 10,7414,03

0

5

10

15

20

FY 14 H1 15

EUR

per

shar

e

Significant increase in total assets Strong yoy gross rental income growth

Sharp development in EPRA NAV Significant FFO yoy increases

1.416

2.614

0500

1.0001.5002.0002.5003.000

FY 14 H1 15

EUR

m

+ 85%

25

81

0

20

40

60

80

100

H1 14 H1 15

EUR

m

0,966,30

0,80

32,90

0

10

20

30

40

H1 14 H1 15

EUR

m

FFO I FFO II

+ 223%

> 40x+ 89%

Not including WESTGRUND AG

+ 31%

ADLER remains the fastest growing listed company in Germany

EUR’000 H1 2014 H1 2015

EBITDA IFRS 31,987 86,965

Non-recurring and extraordinary items -23,938 -37,810

Adjusted EBITDA 8,050 49,155

Interest expense FFO -9,537 -26,252

Current income taxes -29 -371

Capitalisable maintenance 2,478 2,331

EBIT – Trading segment/ Other 0 -18,578

FFO I 962 6,285

EBIT – Trading segment/ Other 0 18,578

Revaluation (realised) of assets sold 0 8,490

Net income from at-equity valued investment associates

-158 -440

FFO II 803 32,913

5.2 Funds From Operations (FFO)Improved efficiency and size lead to significant FFO I and FFO II in the first half of 2015

Significant increase in earnings power 14

H1 14 H1 15

FFO I per share* 0.03 0.14

FFO II per share 0.03 0.71Note: *Based on the number of shares outstanding at respective reporting date

+511%

+172%

+553%

> 40x

H1 14 H1 15

Non-cash and non-recurring consolidation and other effects

24,490 40,322

Acquisition related costs 0 -1,380

Business optimisation and other non-recurring items

-551 -1,132

Non-recurring and extraordinary items 23,938 37,810

H1 14 H1 15

Consolidated interest -13,031 -34,852

Transaction related costs 831 3,901

Prepayment penalty and commitment interest

1,844 1,920

Capitalised interest 818 2,778

Interest expense FFO -9,537 -26,252

WACD 4.70% 4.15% (weighted avg. cost of debt)

WAM 8 yrs. 7 yrs.(weighted avg. maturity)

LTV % 68.7% 68.9%(loan-to-value*)

5.3 Improved credit credentialsReducing the company’s weighted average cost of debt

Diversified sources of funding with majority fixed Sound credit profile

Long dated maturity profile

[as at 30.06.2015]

Note: *LTV excluding convertible bonds; maturity profile showing current as well as non-current financial liabilities

Capital markets debt

Secured debt

Fixed

Floating

Improved credit credentials

H1 2015 FY 2014

Secured debt

15

5.4 Profit and loss statements comparedStrong year-on-year growth

Recent acquisitions/takeover to kick-in in the second half of 2015 16

Comment

Gross rental income increased by more than three times to EUR 80.86m. Westgrund AG which was consolidated in H1 15 will start contributing in the second half

Reduction in EBIT from EUR 137m to EUR 97m as FV adj. were less affected by lucky buys.

Adj. EBITDA grew more than 6 times year-on-year

Other operating income is primarily related to the negative goodwill measured in the context of purchase price allocation for the Wilhelmshaven portfolio in an amount of EUR 42.29m.

It also inlcudes a gain of EUR 15.95m on the successful sale and deconsolidation of a portfolio in Berlin

EUR’000 Q2 2014* Q2 2015 Δ in % H1 2014* H1 2015 Δ in %

Gross rental income 12,889 40,677 216% 25,005 80,855 223%Expenses from property lettings -7,442 -18,952 155% -14,715 -41,611 183%

Earnings from property lettings 5,447 21,724 299% 10,290 39,244 281%

Income from the sale of properties 583 15,273 2520% 1,267 23,507 1755%Expenses from the sale of properties -246 -13,004 5186% -676 -20,963 3001%

Earnings from the sale of properties 338 2,269 571% 591 2,544 330%

Personnel expenses -741 -3,177 329% -1,146 -5,492 379%Other operating income 193 18,025 9239% 25,478 62,095 144%Other operating expenses -1,677 -6,935 314% -3,225 -11,426 254%Income from fair value adjustments of investment properties

105,295 5,012 -95% 105,295 10,581 -90%

Depreciation and amortization -6 -244 3967% -10 -457 4470%

Earnings before interest and tax (EBIT) 108,849 36,674 -66% 137,273 97,089 -29%

Financial income 259 491 90% 394 903 129%Financial costs -7,429 -20,971 182% -13,425 -35,755 166%Net income from at-equity valued investment associates

-147 -354 141% -158 -440 178%

Earnings before tax (EBT) 101,532 15,840 -84% 124,084 61,797 -50%

Income taxes -17,284 -2,263 -87% -18,437 -5,316 -71%

Consolidated net profit 84,248 13,577 -84% 105,647 56,481 -47%

5.5 Balance sheetTotal assets reflecting the company’s successful activities since FY 2014

Significant increase in assets 17

Comment

The increase in Goodwill is attributable to the first time consolidation of Westgrund AG

The capital stock increased mainly due to the capital increase in kind in the light of the Westgrund takeover, 14.1m new shares were issued on the 26th of June at EUR 13.465

Investment properties increased as a function of the takeover of Westgrund AG

Financial liabilities increased due to the high investment activity throughout the first half of 2015

Increase in liabilities from corporate bonds is mainly attributable to the issuance of EUR 30m and EUR 300m Corporate Bond in Jan. 15 and Apr. 15 respectively

Inventory assets increased to EUR 120m in the first half of 2015 as ACCENTRO increased its asset base for its proprietary trading platform

Note: *restated; Showing summary of balance sheet; besides investment properties, loans and shares to/in associated companies, total non-current assets also include intangible assets, deferred tax assets and PPE, Financial liabilities includes both current and non-current liabilities to banks

EUR’000FY 2014 H1 2015 Δ in %

Goodwill 27,081 150,942 457%

Investment properties 1,170,159 2,119,403 81%

Non-current assets held for sale 6,129 7,198 17%

Total non-current assets 1,203,649 2,282,860 90%

Inventories 89,617 119,633 33%

Cash and cash equivalents 33,060 96,327 191%

Total current assets 206,681 323,544 57%

Total assets 1,416,459 2,613,603 85%

Capital stock 31,877 46,075 45%

Non-controlling interest 19,810 51,818 162%

Equity 311,211 580,364 86%

Liabilities for deferred taxes 39,083 81,167 108%

Liabilities from convertible bond 33,937 36,580 8%

Liabilities from corporate bond 144,782 430,513 197%

Financial liabilities to banks 838,897 1,399,646 67%

Total liabilities 1,105,248 2,031,271 84%

Equity and liabilities 1,416,459 2,613,603 85%

18

Capital markets performance6. Outperforming benchmarks

6.1 Capital markets performanceShare price development - YTD return + 77.70%

Strong momentum in ADLER’s share price 19

Strong momentum in ADLER‘s share price performance Trading volumes increased significantly

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Price Target (EUR)

16.00 16.50 17.50

Note: Bloomberg, 31.08.2015

EUR

6.2 ADLER share performance - benchmarkedTop performing stock in German resi

Outperforming benchmarks 20

ADLER has outperformed benchmarks

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100

150

200

250

300

350

400

450

1.14 2.14 3.14 4.14 5.14 6.14 7.14 8.14 9.14 10.14 11.14 12.14 1.15 2.15 3.15 4.15 5.15 6.15 7.15 8.15

ADL GY Equity DWNI GY Equity

Ann GY Equity GYC GY Equity

TEG GY Equity EPRA Index

EPGR Index

Note: Bloomberg, 31.08.2015

Reba

sed

(100

%)

Contact

Management Board

Axel Harloff

Executive Committee

Tomas de Vargas Machuca

ADLER Real Estate AG

Gänsemarkt 50

20354 Hamburg

Germany

www.adler-ag.com

Phone: +49 40 29 81 30-0

Fax: +49 40 29 81 30-99

Email: info@adler-ag.com

Supervisory Board

Dr. Dirk Hoffmann (Chairman)

Thomas Katzuba von Urbisch (Vice Chairman)

Thilo Schmid

Investor Relations

Hillermann Consulting

Poststraße 14-16

20354 Hamburg

Germany

Phone: +49 40 32 02 79 1-0

Fax: +49 40 32 02 79 1-14

Email: c.hillermann@adler-ag.com

Get-together(14.25-15.25 Uhr)