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MARCH 22, 2017

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2 2

Investment highlights

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ADO – THE PURE-PLAY BERLIN RESIDENTIAL SPECIALIST

…a focussed residential portfolio1,2…

Buildings 331 Residential units 17,701 Commercial units 999

Total units 18,700

In-place rent € 95.2m Lettable area (k sqm) 1,268 Property value € 2.3bn EPRA NAV € 1,591m

Total interest bearing loans € 905m Average interest rate 2.1% Current cash position € 183m LTV 31.4%

FFO1 per share € 1.11 EPRA NAV per share € 36.08

1 Based on in-place rent total portfolio 2 Commercial in-place rent mainly as part of residential buildings 3 Based on total units

…with potential for privatization³

Berlin residential pure play with a € 2.3bn quality portfolio

Efficient, fully integrated and scalable platform with clear strategy to create value. This unique platform allows management to have in-depth knowledge of the Berlin market from a decade of local presence

Exceptional rental growth demonstrated over the last years, supported by our quality portfolio, smart targeted CAPEX investments and active management. 2016 like-for-like rental growth of 6%

Conservative financial strategy with a target LTV of around 45%, c. 5.3 years weighted average maturity, with low (2.1%) average cost of debt

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3

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Our properties…

“Braunschweiger” Neukölln

“Möckernstr.” Kreuzberg

“Müllerstr.” Wedding

Residential 87%

Commercial 11%

Other 2%

privatization portfolio

2%

mid term 10%

long term 10%

holding portfolio

78%

Key metrics (end of Q4 2016)

Acquisitions delivered

Strong operational performance

• Acquisition of 3,084 units during 2016 • Adding € 383m of fair market value • On track for our goal to double the portfolio to 30,000 units by 2020

• Annual l-f-l rental growth of 6.0% beating our 5.0% guidance • Vacancy reduction to 2.5% • Privatization target of 100 units achieved • Turn-around of Löwenberger Str. & Carlos successfully concluded

• 2 capital raises, April and September 2016 • Placement of a total of 9.1m new shares • € 293m of net proceeds raised

Successful capital increases

Outstanding valuation results

• Total portfolio value increased by € 0.8bn to € 2.3bn or € 1,836 per sqm • Portfolio valued at 24.5x in-place rent, 21.1x at CBRE market rent assumptions or 18.6x at new letting

rates • Strong revaluation supported by yield compression and strong operational performance

Strong financial performance

• EPRA NAV growing by € 748m to € 1,591m • EPRA NAV per share increase by 50% to € 36.08 • FFO 1 for the full year of € 43.5m (€ 1.11 per share), with a run rate of € 52m (€ 1.18 per share) • Proposed dividend of € 19.8m (€ 0.45 per share), representing a pay-out ratio of 46% of total FFO 1

HIGHLIGHTS 2016

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FINANCIALS 2016 2015 Income from rental activities € 89.8m € 65.8m

EBITDA from rental activities € 63.4m € 48.5m

EBITDA Margin 75% 78%

FFO1 € 43.5m € 30.7m

FFO1 per share € 1.11 € 1.04

Dividend per share € 0.45 € 0.35

OPERATIONS & BALANCE SHEET 2016 2015 Rental growth l-f-l (LTM) 6.0% 7.3%

Vacancy rate 2.5% 4.0%

Privatization - avg. sales price /sqm € 3,013 € 2,801

Total maintenance & CAPEX /sqm € 28.1 € 20.8

EPRA NAV per share € 36.08 € 24.10

LTV 31.4% 43.6%

• Strong operational performance with like-for-like rental growth of 6% above our target of 5%

• Vacancy rate significantly improved by 150bps since the beginning of the year to 2.5%

• Privatization program remains strong with an avg. sale price of € 3,013 per sqm, an increase of 7.6% compared to 2015

• On September 14, 2016 we issued 5.6m new shares at € 35.50 per share, raising net proceeds of € 195m to fund further growth opportunities

• EPRA NAV per share increased by 50% since the beginning of the year, after dividend payment of € 0.35 per share

• LTV at the end of the quarter at 31.4% including free cash in an amount of € 183m

• Recommended dividend of € 0.45 per share representing a c.46% payout ratio of total FFO1 (an increase of close to 30%)

HIGHLIGHTS 2016 (continued)

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New clustering provides additional insight in asset quality and stricter criteria for Central Locations

• The new clusters are based on • proximity to the city center and • construction year as an indicator for building style

as large settlements were mainly built in the period 1960 – 1990

• It is based on postcode areas to provide a 100% clear definition. The new clusters result in even stricter criteria for Central Locations which was reduced by 931 units or 14% to only include most attractive micro-locations

• This clustering provides more homogenous view and therefore better insights into the portfolio characteristics and prospects

• We divide the portfolio into five clusters, however we remain dedicated to our detailed real estate approach, targeting our portfolio on a building by building and unit by unit level

OLD CLUSTERING NEW CLUSTERING

Location quality 5 clusters (based on geographic location) 3 Rings (based on proximity to city center) Asset quality None 2 (larger settlements 1960-90 vs. single assets)

NEW CLUSTERS METHODOLOGY PROVIDES MORE INSIGHT INTO PORTFOLIO

NEW MODEL Central S-Bahn-Ring S-Bahn-Ring (1960-1990) City Ring City Ring

(1960-1990) District Charlottenburg Steglitz Neukölln Pankow Reinickendorf Property value in € m 8.0 5.6 176.7 31.5 235.6 Number of residential units 24 31 1,678 190 2,463 Avg. In-place rent in € / sqm / month (resi) € 8.40 € 7.79 € 6.31 € 7.39 € 5.55 Avg. New letting rent in € / sqm / 2016 (resi) € 13.00 € 12.13 € 9.51 € 7.67 € 6.09

Occupancy (physical, resi) 100% 100% 98% 96% 98% Acquisition date 07/2016 01/2015 08/2016 11/2015 04/2015

Central: Hohenzollerndamm S-Bahn-Ring 60-90: Horizon S-Bahn-Ring: Ahornstr. 11

City Ring: Straße 43 City Ring 60-90: Carlos

NEW CLUSTERS – REAL LIFE EXAMPLES

New clustering provides significantly better insight into asset quality

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Key metrics residential portfolio (end of Q4 2016)1

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Central S-Bahn Ring S-Bahn Ring (1960-1990) City Ring City Ring

(1960-1990) Total

Property value (in € m) 917 272 339 148 650 2,326 Number of units 5,507 1,613 2,988 825 6,768 17,701 Avg. Rent in € / sqm / month 6.53 6.36 6.55 6.74 5.48 6.11 Avg. New letting rent in € / sqm / month2 11.04 9.65 8.92 7.97 6.35 7.91 Occupancy (physical) 96.8% 97.4% 97.4% 97.8% 98.0% 97.5% Tenant turnover (FY2016) 8.4% 7.2% 6.5% 9.0% 8.0% 7.8%

100% exposure within Berlin city borders with around 40% in Central Locations

1 All values except the property value are for the residential portfolio only. Including condominium units with a fair market value of € 47m which are held at a book value of € 40m 2 Based on the last three months

…with low number of restrictions remaining

2,824

409

29

621

90

659

86 0

500

1,000

1,500

2,000

2,500

3,000

2016 2017 2019 2021 2022 2023 2024

# of units

Last year of restriction

High quality turn of the century buildings…

Year of construction

1991-2002

1973-1990

1965-1972

1950-1964 < 1918 1919-

1949

36%

4% 7%

29%

18%

7%

% of Fair Value

QUALITY, BALANCED, BERLIN FOCUSED PORTFOLIO

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Accretive portfolio acquisitions with a value of € 383m integrated in 2016 ensuring a balanced growth

TOTAL ACQUISITIONS (2016) Central S-Bahn Ring S-Bahn Ring (1960-1990) City Ring City Ring

(1960-1990) TOTAL

Property value in € m 90 17 177 44 55 383 Value per sqm (€) 2,452 1,846 1,626 2,283 1,426 1,802 Total sqm (k) 37 9 109 19 39 213 Run rate net rents (€m) 3.2 0.6 8.2 1.9 2.5 16.4 Commercial units 51 13 3 66 1 134 Residential units 408 116 1,678 198 551 2,950 Avg. in-place rent / sqm / month (€) 6.81 5.78 6.23 7.62 5.32 6.21 CBRE Market rent / sqm / month (€) 8.12 7.33 6.50 7.75 6.18 7.83 Reversionary potential (CBRE) 19% 27% 4% 2% 16% 26% Reversionary potential (new lettings 2016) 41% 43% 53% 6% 53% 47% Occupancy (physical, resi) 95.1% 91.4% 98.0% 99.1% 98.3% 97.4%

“Hohenzollerndamm”, Wilmersdorf

STRONG GROWTH PROFILE

Continuing of strong growth profile with 3,084 units acquired in 2016, on track for our goal of 30,000 units by 2020

“Horizon”, Neukölln

“Wilhelminenhofstr.”, Köpenick

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Attractive individual asset acquisitions with a strong fit to the existing ADO portfolio

581 units acquired in 9 transactions since the end of Q4 • € 124.2m of gross asset value, mostly Altbau, acquired in 9 transactions

mixing asset and share deals.

• 13 buildings in Central cluster, 8 buildings in S-Bahn Ring cluster and 1 building in City Ring cluster

• Substantial average reversionary potential of 42%

• Expected like-for-like rental growth supporting our 5% target

• Purchases are initially financed by free cash

• Expected annual FFO contribution, after refinancing in line with our financing strategy, of c. € 2.7m in the first year

Friedrich-Karl-Str. 1-3, Tempelhof

KEY METRICS

Acquisition cost € 124.2m € 2,645 / sqm

Residential / commercial area sqm 38,833 / 8,127 Number of residential/commercial units 521 / 60 Rental income p.a. € 4.2m Avg. rent / sqm / month – current € 7.20 Avg. new lettings rent / sqm / month € 10.19 Vacancy residential/commercial 4.0% / 0.3% Estimated FFO1 € 2.7m Ringstraße 86,

Tempelhof

Signed after Q4 2016

FURTHER UNITS ACQUIRED

Huttenstraße 39, Moabit

Kiefholzstraße 411, Alt-Treptow

Full year growth of 6.0% above our 2016 target of 5%

5% L-f-L rental growth guidance confirmed for 2017

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2.4% 3.1% 0.8% 1.7%

1.0% 1.6%

2.7% 1.6%

1.3%

3.3% 3.8%

2.7% 4.7%

8.0% 7.3%

6.0%

2013 2014 2015 2016Regular rent increases

From fluctuation w/o CAPEX and vacancy reduction*

From modernization CAPEX

MAINTENANCE & CAPEX 2013 2014 2015 Avg.

2013-2015 FY 2016 (€ / sqm)

Maintenance 6.0 6.5 6.3 6.3 6.8

Capitalized maintenance 5.7 7.6 4.6 6.0 7.4

Modernization CAPEX 7.4 13.2 9.9 10.2 13.8

Total 19.1 27.2 20.8 22.4 28.1

Guidance: 5.0%

* 2016 includes vacancy effect of around 1.4%

359

94 127 143 97 64 52 46

340

0

50

100

150

200

250

300

350

< 5% 5% -10%

10% -15%

15% -20%

20% -25%

25% -30%

30% -35%

35% -40%

> 40%

29% average

Distribution of realized rent reversions 2016

Central 2.0%

City Ring 0.2%

City Ring (1960-1990) 2.9%

S-Bahn Ring 0.5%

S-Bahn Ring

(1960-1990) 0.4%

L-f-L contribution by clusters

STRONG LIKE-FOR-LIKE GROWTH GENERATED BY SMART TARGETED CAPEX INVESTMENTS

# New lettings

growth vs. previous rent level

Reduction to an overall vacancy rate of 2.5% underlines operational performance

• High completion rate of modernization works and subsequent letting results in a decrease of vacancy by 150bps (compared to Q4 2015). Modernization of around 1,100 residential units has been completed in 2016 of which more than 550 units are out of the Carlos portfolio

• Success of the privatization program results in further decrease of vacancy by 20bps

• Strong marketing success allowed not only to let all completed units, but reduced overall vacancy further

Vacancy split¹

1 Based on physical vacancy, residential only. Q4 2016 l-f-l vacancy rate is identical at 2.5%

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0.4% 0.4% 0.6% 0.4% 0.4%

0.4%

1.0% 0.9% 1.0%

1.6%

0.6% 0.3%

0.5%

0.4% 0,2%

4.0%

2.6% 2.5%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

Q4 2015 Q3 2016 Q4 2016

Marketing Marketing (Carlos) Modernization

Modernization (Carlos) Privatization

SIGNIFICANT VACANCY REDUCTION OF 150BPS DELIVERS ADDITIONAL GROWTH

Key metrics (per December 2016)

Operational turn-around of Carlos completed with further upside in 2017 due to release of restrictions

Location Spandau & Reinickendorf Acquisition cost € 408m/ € 1,022 per sqm Current fair value € 534m/ € 1,339 per sqm Number of residential units 5,748

Avg. rent / sqm / month: At acquisition € 5.19 Current € 5.43 new letting rent € 5.97 Rent restricted units 48% (down to 29% from Jan.17)

Occupancy rate improved by 310 bps in 2016

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Strong ongoing letting results above average cancellation levels

Investment program on track

35 41

53

73

57 60 53

58 56

43 39

58

0

10

20

30

40

50

60

70

80

Jan 16 Feb 16 Mar 16 Apr 16 May 16 June 16 July 16 Aug 16 Sep 16 Oct 16 Nov 16 Dec 16

No. of New lettings Average No. of cancellations

45

116

39 50

38 39

56

26 27 33

40 38

737

0

100

200

300

400

500

600

700

800

0

20

40

60

80

100

120

140

Jan 16 Feb 16 Mar 16 Apr 16 May 16 June 16 July 16 Aug 16 Sep 16 Oct 16 Nov 16 Dec 16

No. of finished units (resi) Finished units accumulated

95.0%

98.1%

93%

94%

95%

96%

97%

98%

99%

Jan 16 Feb 16 Mar 16 Apr 16 May 16 June 16 July 16 Aug 16 Sep 16 Oct 16 Nov 16 Dec 16

827 units let since takeover

CARLOS PORTFOLIO: 7.2 % L-F-L RENTAL GROWTH IN 2016

Net rent & €/sqm – income growth (in € k)

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Refurbishment: example pictures Results (in € m)

408 2 9 419

534

Acquisitioncost

PublicCAPEX

ModernizationCAPEX

Totalinvestment

CurrentFMV

+27.

5%

Before:

Investment decision confirmed by an asset value growth of € 115m (+27.5%) around 30% from operational improvements

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82

Rent effect

Yield effect

CARLOS PORTFOLIO GENERATES STRONG VALUE GROWTH

1,947 € 1,956 € 1,961 € 1,969 € 1,986 € 1,997 € 2,010 € 2,022 € 2,028 € 2,039 € 2,050 € 2,078 €

47 € 47 € 49 € 48 € 49 € 49 € 50 € 53 € 53 € 53 € 53 €

53 €

26 € 25 € 25 € 25 € 25 € 25 € 25 € 25 € 25 € 25 € 26 €

26 €

5.25 €

5.43 €

5.15 €

5.20 €

5.25 €

5.30 €

5.35 €

5.40 €

5.45 €

1,800 €

1,850 €

1,900 €

1,950 €

2,000 €

2,050 €

2,100 €

2,150 €

2,200 €

Jan 16 Feb 16 Mar 16 Apr 16 May 16 June 16 July 16 Aug 16 Sep 16 Oct 16 Nov 16 Dec 16

Residential Commercial Parking €/sqm resi

After:

Key actions

Key metrics (December 2016)

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Results (in €m)

Location Lichtenberg Acquisition cost € 14.1m / € 1,215 per sqm Current Fair Value € 28.7m / € 2,472 per sqm In-place rent at acquisition € 0.8m In-place rent current € 1.3m Avg. rent / sqm / month: At acquisition € 8.36 Current € 9.87 Avg. new lettings € 11.69

Occupancy steadily increasing since turnaround in Feb 15

• More than 250 of 379 units modernized (66% of total)

• New lettings signed in 2016 with €11.69 per sqm on average (€13.42 per sqm for 1-bedroom-apartments)

• Year end occupancy rate impacted by typical year end terminations which are now going through refurbishment

Conversion to student and young professional accommodation resulted in €11.7m (+70%) value uplift generated mainly by operational improvements (80%)

stabilization phase

14.1 0.5 2.4 17.0

28.7

Acquisitioncost

PublicCAPEX

ModernizationCAPEX

Totalinvestment

CurrentFMV

+70%

10.2

1.5

Rent effect

Yield effect

CASE STUDY – LÖWENBERGER STRAßE 2-4: FINAL FIGURES

67.1% 62.3%

56.6% 61.1%

71.7%

88.4%

94.3% 96.5% 98.2% 96.3%

50%

75%

100%

Q3 2014Q4 2105Q1 2015Q2 2015Q3 2015Q4 2015Q1 2016Q2 2016Q3 2016Q4 2016

Integration and improvement started

New lettings confirm a strong reversionary potential

KEY METRICS (PER JANUARY, 2017)

Location Neukölln Acquisition cost € 174m/ € 1,599 per sqm Current fair value € 177m/ € 1,626 per sqm Number of residential units 1,677 Avg. rent / sqm / month: At acquisition € 6.17 Current € 6.26 new letting rent € 9.45 Rent restricted units None, all expired 2016

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Highlights / outlook 1) Horizon portfolio was 100% restricted units until the end of 2016. Now 100% unrestricted.

2) Full integration into ADO operations since start of 2017 after termination of the external property management contract.

3) Asset management immediately taken over from the day of acquisition to ensure the implementation of ADO´s investment strategy.

4) Modernization program has started with 22 residential units already refurbished / 17 units let in the first 6 weeks of 2017.

5) Reversionary potential of 51% comparing avg. new letting rent with avg. in-place rent.

6) Regular rent increases for 540 tenants (effective from April 2017) generate c. € 15k additional monthly cash flow (+2.5%).

HORIZON PORTFOLIO: FIRST STEPS AFTER TAKEOVER

• 109 units sold in 2016 for gross proceeds of € 20m, generating close to 33% value uplift compared to average book value of Central Locations and 7.6% higher average sale price compared to 2015

• Comparably low taxable profit of 16% results from the fact that most units have already been acquired as condominiums and therefore been carried at higher book values

• As we expect further price increases for condominiums especially in inner city locations we stick to our strategy and target to sell around 100 units in 2017 to maximize profits, not sales volume

Privatization results and outlook

109 units sold in year 2016 for an average sales price of € 3,013 per sqm

1,700

2,270

2,801 3,013

2015 2016

€/sqm

Avg. portfolio valuecentral locations

Avg. sales price

Sales profit – Avg. sales price vs. portfolio value

18

235

1,891

1,957 4,142

Privatizationportfolio

Medium termpotential

Long termpotential

Total

# Units

Privatization potential

+33%

+7.6%

PRIVATIZATION ACTIVITIES ON TARGET

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• The fair value of the portfolio was assessed by CBRE as of Dec 31, 2016. Total portfolio value of € 2,319m as at Dec 31, 2016 includes investment properties (€ 2,279m) and trading properties (€ 40m). The trading properties have been valued by CBRE in an amount of € 47m.

• Cash position is positively impacted by the € 195m of net proceeds of our last capital raise. The proceeds will be used to fund further growth opportunities.

• Interest bearing loans of € 905m include € 884m loans from banks and a loan from Harel Insurance in an amount of € 21m related to the WayPoint portfolio. The increase in our interest-bearing loans results from loans taken over with acquisitions and refinancing activity 2016.

• On April 21, 2016 we issued 3.5m new shares at € 28.50 per share, raising net proceeds of € 98m.

On September 14, 2016 we issued additional 5.6m new shares at € 35.50 per share, raising net proceeds of € 195m.

• Our EPRA NAV amounts to € 1,591m as of Dec 31, 2016, an increase of 89% since the beginning of the year. Our EPRA NAV per share at the end of 2016 increased to € 36.08, growing 50%

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Comments In € m Dec 31, 2016 Dec 31, 2015

(Audited) (Audited) Investment properties 2,291 1,459 Other non-current assets 6 4 Non-current assets 2,297 1,463 Cash and cash equivalents 183 134 Other current assets 82 73 Current assets 265 207 Total assets 2,562 1,670 Interest bearing loans 905 785 Other liabilities 53 42 Deferred tax liabilities 118 48 Total liabilities 1,076 875 Total equity attributable to shareholders of the company

1,462 786

Non-controlling interests 24 9 Total Equity 1,486 795 Total shareholder’s equity and liabilities 2,562 1,670

EPRA NAV 1,591 844 No. of shares 44.1 35.0 EPRA NAV per share 36.08 24.10

1

1

3

4

2

1

2

3

4

5

5 5

OVERVIEW OF BALANCE SHEET

PORTFOLIO VALUATION1 Central S-Bahn Ring S-Bahn Ring (1960-1990) City Ring City Ring

(1960-1990) Total

Fair Value (€m) 917 272 339 148 650 2,326

Fair Value (€/sqm) 2,270 2,034 1,810 2,127 1,377 1,836

Discount rate (%) 4.5% 4.6% 4.7% 4.8% 5.2% 4.7%

Average in-place rent 6.53 6.36 6.55 6.74 5.48 6.11

CBRE market rent 7.80 7.64 6.99 7.67 6.13 6.98

Avg. new letting rent (Q4 2016) 11.04 9.65 8.92 7.97 6.35 7.91

Reversionary potential 69% 52% 36% 18% 16% 29%

Share of fair value (%) Rent multipliers

New letting rents continue to imply further upside on current portfolio value

Central 39%

S-Bahn Ring 12%

S-Bahn Ring (1960-1990)

15%

City Ring 6%

City Ring (1960-1990)

28%

27.8

x

26.4

x

22.8

x

24.8

x

21.2

x 24.5

x

23.3

x

22.1

x

20.9

x

21.8

x

18.4

x 21.1

x

16.5

x

17.5

x

16.4

x 21.0

x

17.7

x

18.6

x

Central S-Bahn Ring S-Bahn Ring(1960-1990)

City Ring City Ring(1960-1990)

Total

Current rent CBRE market rent New letting rent

1) Including condominium units with a fair market value of € 47m which are held at a book value of € 40m

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TOTAL PORTFOLIO VALUE: € 2.3BN WITH FURTHER UPSIDE

Fair market value (in € m)1:

Revaluation gain of our portfolio driven by 20% from our operational performance

22

92

359

1,502

365 25 -17

451 2,326

FMV 2015 Acquisitions CAPEX Privatization Revaluation FMV 2016

1) Including condominium units with a fair market value of € 47m which are held at a book value of € 40m

Rent effect

Yield effect

FAIR MARKET VALUE OF PORTFOLIO INCREASED BY € 800 m, UP 55% COMPARED TO YEAR END 2015

EPRA NAV (in € m)

Growth of EPRA Net Asset Value per share mainly resulting from yield compression (34%) and operational performance (9%)

23

92

359

844 -13

293 16

451 1,591

2.09

8.16

24.10 -0.35 1.55 0.53

10.25 36.08

EPRA NAV per share (in €)

Rent effect

Yield effect

Yield effect

Rent effect

EPRA NAV GROWING BY CLOSE TO € 750M

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• Total debt of € 905m, primarily mortgage backed/secured

• Almost all loans are fixed interest rate or hedged

• No material near term maturities with avg. weighted maturity of c. 5.3 years

• Average interest rate as well as all main debt covenants improved during 2016

• LTV at the end of the quarter at 31.4% including free cash in an amount of € 183m, which will allow us to purchase around € 500m of new assets while maintaining our LTV strategy

Interest rate and covenant development

Diversified funding profile with weighted average debt maturity of approx. 5.3 years

Key financing figures

LTV target of around 45%

13 55

15 51

182

322

259

-

100

200

300

400

2017 2018 2019 2020 2021 2022 2023+

Bank debt (€m)

1.0% 3.2%

2.8%

1.7%

% Average interest rate

2.0% 1.8%

1.9%

Financing strategy • Considering the effect of yield compression on asset values and

multiples together with a more uncertain interest rate environment we decided to amend our LTV target to a slightly more conservative target of around 45% as long as we see these factors persist

Avg. interest rate ICR LTV

2015

2016

2.3% 2.1%

2.83x

3.47x

43.6%

31.4%

SOLID BALANCE SHEET WITH FIXED RATE FINANCING

In € m Year 2016 Year 2015 Q4 2016 Net rental income 84.7 61.7 23.4 Income from facility services 5.1 4.1 1.2 Income from rental activities 89.8 65.8 24.6 Cost of rental activities (16.8) (11.4) (4.4) Net operating income 73.0 54.4 20.2 NOI from rental activities margin 86.2% 88.2% 86.5% Overhead costs (9.6) (5.9) (3.1) EBITDA from rental activities 63.4 48.5 17.1 EBITDA from rental activities margin 74.9% 78.6% 73.1% Net result from privatization sales 3.2 1.5 1.0 EBITDA total 66.6 50.0 18.1 Financial cost interest bearing loans (19.2) (17.7) (4.8) Financial costs shareholder loans - (5.8) - Other net financial costs (8.5) (0.7) 1.2 IPO related expenses - (0.4) - Depreciation & Amortization (0.4) (0.3) (0.1) EBT 38.5 25.1 14.4

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• Income from rental activities increased by 36% driven by l-f-l rental growth of 6% and acquisitions. Quarter-on-quarter growth was 4.5%. Q4 2016 reflects an annualized income from rental activities of € 98m

Strong rental growth supported by our investment strategy

• NOI margin was negatively impacted by the elevated maintenance levels during 2016

• EBITDA from rental activities increased by 31%. Quarter-on-quarter growth was 3%. Q4 2016 results represent an annualized EBITDA of € 68m. EBITDA margin for 2016 was impacted by the higher cost levels as a listed entity which have been fully incorporated in Q4 of the previous year. Going forward we see the full year 2016 EBITDA margin as a solid base from which we can improve again

• Financing relies predominately on bank financing provided by German mortgage banks. The average interest rate amounts to 2.1%

• Interest on loans from ADO Group which were all converted into equity at July 23, 2015 upon the completion of the IPO

• Year 2016 includes mostly one-off refinancing costs and non-cash interest adjustments for acquired loans

1

1

3

4

3

2

4

In % Jan 1 – Dec 31, 2016

Jan 1 – Dec 31, 2015

CAPEX 2.7% 3.8% Fluctuation 1.6% 2.7% Regular increases 1.7% 0.8% Total 6.0% 7.3%

2 5

5

6

6

OVERVIEW OF PROFIT AND LOSS

Comments

In € m Year 2016 Year 2015 Q4 2016 EBITDA from rental activities 63.4 48.5 17.1

Net cash interest (19.2) (17.7) (4.8)

Current income taxes (0.7) (0.1) (0.2)

FFO1 (from rental activities) 43.5 30.7 12.0

Maintenance capital expenditure (8.8) (4.1) (4.5)

AFFO from rental activities 34.7 26.6 7.5

Net profit from privatizations 3.2 1.5 1.0

FFO2 (incl. disposal results) 46.7 32.2 13.0

FFO1 € per share 1.11 1.04 0.27 FFO2 € per share 1.20 1.09 0.30 Avg. number of shares 39,083 29,423 44,100

• EBITDA from rental activities increased by 31% due to our strong 6% like-for-like rental growth and successful acquisitions. Quarter-on-quarter growth was 3%. The annualized Q4 figures represent an EBITDA of more than € 68m.

• Current income tax 2016 at more normalized level after the extraordinarily low rate in 2015.

• FFO1 has increased by 42% due to acquisitions, our operational performance and the relative improvement of our net cash interest expenses. Quarter-on-quarter growth was 3%.

FFO1 at the end of the year was running at € 51.5m (based on our average EBITDA margin of 75% and €94.9m of net rents in place) This figure is slightly below our guidance for 2016 as we decided to push a refinancing of loans which we took over with new acquisitions from 2016 into 2017 due to our current liquidity position. The positive impact on FFO1 from this planned refinancing would amount to c. € 1m.

• Maintenance and CAPEX levels are elevated due to the high proportion of newly acquired units during the last 12 months and the high rate of modernization projects finalized. Growth in the absolute number results from the growth in the portfolio.

• In 2016 we sold 109 units for a gross profit of € 3.2m, achieving our 2016 target. Most of these units have already been acquired as condominiums and have therefore been carried at higher values in our books compared to assets which have been acquired as rental only properties, leading to a margin of 16% on these sales.

• The FFO per share was negatively impacted by the high cash position during the year due to the capital raises in April and September 2016.

26

1 1

2

3 4

In € / per sqm Jan 1 – Dec 31, 2016

Jan 1 – Dec 31, 2015

Maintenance 6.8 6.3 Capitalized maintenance 7.4 4.6

Modernization CAPEX 13.8 9.9

Total 28.1 20.8

4 Maintenance and CAPEX

3

4

5

6

5

2

6

OVERVIEW OF FFO

Comments

27

We update our year-end 2017 FFO1 run-rate to be at least € 60m after investing our cash position of around € 150m

We expect to privatize around 100 units p.a.

We anticipate like-for-like rental growth going forward to be at least 5% which should positively impact portfolio value, EPRA NAV and EPRA NAV per share 1

2

3

We target a dividend pay-out ratio of up to 50% of FFO1

4

5

Average cost of debt improving below 2% with an LTV target of around 45%

“Milastr.” Prenzlauer

Berg

“Lübecker Str.” Mitte

“Horstweg” Charlottenburg

“Transvaalstr.” Wedding

“Selchower Str.” Neukölln

“Kalischer Str.” Wilmersdorf

“Sommerstr.” Reinickendorf

GUIDANCE 2017

04

28

29

Annual General Meeting May 02, 2017

Publication Q3/2017 financial report Nov 15, 2017

Publication Q2/2017 financial report Aug 17, 2017

Publication Q1/2017 financial report May 17, 2017

“Leibnizstr.”, Charlottenburg

“Bötzowstr.”, Pankow

“Ahornstr.”, Steglitz

“Gutenbergstr.”, Köpenick

“Putbusser Str.”, Wedding

“Schichauweg”, Tempelhof

Ex-Dividend date May 03, 2017

FINANCIAL CALENDAR 2017

30

Shareholder structure

KEY DATA ON THE SHARES OF ADO PROPERTIES S.A.

Stock exchange Frankfurt Stock Exchange

Market segment Regulated market (Prime Standard)

ISIN LU1250154413

WKN A14U78

Ticker symbol ADJ

Primary listing July 23, 2015

Total number of shares outstanding 44,100,000

Indices SDAX; FTSE EPRA/NAREIT Global Index; FTSE EPRA/NAREIT Developed Europe Index; FTSE EPRA/NAREIT Germany Index

ADO Group

38.24% Free float

61.76%

All data as of March 18, 2016

17.520.022.525.027.530.032.535.037.540.0

31/12/15 31/03/16 30/06/16 30/09/16 31/12/16

ADO (Xetra) SDAX FTSE EPRA/NAREIT Germany

Share price development

INFORMATION ON THE SHARE

PORTFOLIO VALUATION1

Central North East South West Total

Fair Value (€ m) 1,063 346 224 316 377 2,326

Discount rate (%) 4.5% 5.1% 4.8% 4.7% 5.1% 4.7%

Average in-place rent 6.53 5.73 6.72 6.28 5.44 6.11

CBRE market rent 7.75 6.48 7.38 6.83 6.18 6.98

Avg. new letting rent 10.87 6.45 9.24 7.95 6.29 7.91

Reversionary potential 66% 13% 38% 27% 16% 29%

€ 1,836 average value per sqm

Share of fair value (%) Rent multipliers

Total portfolio value of € 2.3bn with further upside

Central 45%

North 15%

East 10%

South 14%

West 16%

27.6

x

22.0

x

23.9

x

23.1

x

21.5

x 24.5

x

23.2

x

19.1

x

21.5

x

20.9

x

18.3

x 21.1

x

16.6

x

19.2

x

17.2

x

17.9

x

18.0

x

18.6

x Central North East South West Total

Current rent CBRE market rent New letting rent

N

W E

S

Spandau

Reinickendorf

Charlottenburg-Wilmersdorf

Steglitz- Zehlendorf

Mitte

Pankow

Lichten-berg

Marzahn-Hellersdorf

Treptow- Köpenick

Tempelhof-Schöneberg

Friedrichshain-Kreuzberg

Central

Neukölln

Building locations: Central Locations North East South West

2,249

1,511

1,386

1,782 1,934

31

PORTFOLIO VALUATION OVERVIEW – OLD CLUSTERING

1) Including condominium units with a fair market value of € 47m which are held at a book value of € 40m

PORTFOLIO VALUATION 31/12/2016 Central S-Bahn Ring S-Bahn Ring

(1960-1990) City Ring City Ring (1960-1990) Total

Property value (in € m) 917 272 339 148 650 2.326

Number of units 5,507 1,613 2,988 825 6,768 17,701

Avg. In-place rent (in € / sqm / month) 6.53 6.36 6.55 6.74 5.48 6.11

Avg. New letting rent (in € / sqm / month) 11.04 9.65 8.92 7.97 6.35 7.91

Tenant turnover (FY2016, resi. only) 8.4% 7.2% 6.5% 9.0% 8.0% 7.8%

PORTFOLIO VALUATION 31/12/2015 Central S-Bahn Ring S-Bahn Ring

(1960-1990) City Ring City Ring (1960-1990) Total

Property value (in € m) 639 196 126 78 463 1,502

Number of units 5,184 1,519 1,310 627 6,216 14,856

Avg. In-place rent (in € / sqm / month) 6.22 6.20 6.04 6.24 5.28 5.82

Avg. New letting rent (in € / sqm / month) 8.54 8.07 9.29 7.17 6.20 7.95

Tenant turnover (FY 2015) 10.4% 9.4% 11.4% 12.1% 7.1% 8.8%

32

PORTFOLIO VALUATION OVERVIEW – NEW CLUSTERS

33

ADO PROPERTIES S.A. 20 rue Eugène Ruppert

L-2453 Luxembourg

www.ado.properties