Company Presentation LEG Immobilien AG June 2020
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LEG Immobilien AG Company Presentation June 2020 1 I June 2020
Disclaimer While the company has taken all reasonable care to ensure that the facts stated in this presentation are accurate and that the opinions contained in it are fair and reasonable, this presentation is selective in nature and is intended to provide an introduction to, and an overview of the Company’s business. Any opinions expressed in this presentation are subject to change without notice and neither the Company nor any other person is under any obligation to update or keep current the information contained in this presentation. Where this presentation quotes any information or statistics from any external sources, you should not interpret that the Company has adopted or endorsed such information or statistics as being accurate. This presentation may contain forward-looking statements that are subject to risks and uncertainties, including those pertaining to the anticipated benefits to be realised from the proposals described herein. Forward-looking statements may include, in particular, statements about future events, future financial performance, plans, strategies, expectations, prospects, competitive environment, regulation, and supply and demand. The Company has based these forward-looking statements on its views and assumptions with respect to future events and financial performance. Actual financial performance could differ materially from that projected in the forward-looking statements due to the inherent uncertainty of estimates, forecasts and projections, and financial performance may be better or worse than anticipated. Given these uncertainties, readers should not put undue reliance on any forward-looking statements. The information contained in this presentation is subject to change without notice and the Company does not undertake any duty to update the information and forward-looking statements, and the estimates and assumptions associated with them, except to the extent required by applicable laws and regulations. This presentation does not constitute an offer or invitation to purchase or sell any shares in the Company and neither this presentation or anything in it shall form the basis of, or be relied upon in connection with, any contract or commitment whatsoever. 2 I June 2020
Affordable housing in Germany – made in NRW
Aachen Bremen Düsseldorf Duisburg
Hamm Minden Münster Osnabrück
Ratingen Remscheid Siegburg Solingen
3 I June 2020
Agenda I. AFFORDABLE HOUSING IN GERMANY – MADE IN NRW II. FINANCIAL PERFORMANCE III. PORTFOLIO OVERVIEW IV. SUSTAINABILITY V. ATTRACTIVE MARKET NRW VI. APPENDIX 4 I June 2020
Affordable housing in Germany – Made in NRW Who we are and what we stand for No. 3 in Germany Social Responsibility Pure Play: Residential + Germany 365,000 tenants / 136,000 apartments Focus NRW (~98% of assets), no. 1 in NRW Average rent per unit ~€375 per month/ €5.86/sqm Market cap ~€7bn, 100% free float 25% social housing (rent-restricted) Conservative balance sheet Reasonable Return Loan to value 38%, gross asset value Ø €1,356/sqm Dividend 2019 €3.60, ~3.4% Ø financing cost 1.46%, Ø maturity 8.1 years CAGR since IPO 2013: both NAV, dividend + ~13% p.a. Beta 0.76 (5y vs. EuroStoxx 600) Gross yield properties >5% (on €12 bn assets) 5 I June 2020
Affordable housing in Germany – Made in NRW
Key figures 2019
Operating results 2019 2018 +/- %
Net cold rent €m 586.1 560.2 4.6
Net rental and lease income €m 435.0 418.6 3.9
EBITDA adjusted €m 426.5 405.2 5.3
FFO I €m 341.3 318.6 7.1
FFO I per share € 5.27 5.04 4.6
Dividend per share € 3.60 3.53 2.0
+/-
Portfolio 31.12.19 31.12.18 %/bp
Residential units 1 number 134,031 133,969 0.0
In-place rent (l-f-l) €/sqm 5.82 5.66 2.9
EPRA vacancy rate (l-f-l) % 3.0 3.1 -10 bp
+/-
Balance sheet 31.12.19 31.12.18 %/bp
Investment properties €m 12,031.1 10,709.0 12.3
Equity €m 5,933.9 4,783.9 24.0
Net debt €m 4,570.9 4,364.5 4.7
LTV % 37.7 40.7 -300 bp
Net / EBITDA ratio
Pro forma NAV 2 €m 7,273.0 6,428.0 13.1
Pro forma NAV 2 per share € 105.39 93.40 12.8
Number of shares
Total number of outstanding shares 69,009,836 63,188,185 9.2
Weighted number of shares 64,820,501 63,188,185 2.6
1 c.136,000 residential units as at 1 January 2020. 2 After simulated executed conversion.
6 I June 2020
Affordable housing in Germany – Made in NRW
Affordable housing in Germany – Made in NRW
Optimizing Expansion of Grow the
Core business value chain platform
Tapping rental Increase and extend Continuation of NRW-
growth potential value-add services focussed acquisition
strategy
Improving customer Reasonable
satisfaction exploitment Exploit opportunities
of development in Germany
Enhancing
efficiency Focus on
affordable housing
Strong balance sheet ESG framework Digitization
SOLID PLATFORM
7 I June 2020
Affordable housing in Germany – Made in NRW
A lean business model, a strong balance sheet and
attractive returns allow to navigate through the crisis
LTV 3.0% 3.5% 4.0% 4.5% 5.0% 5.5% 6.0% 6.5% GAV
35% yield
Peer 2
LEG
40%
45%
Peer 1 Peer 5
Peer 3
50%
Peer 4
55%
Additional layers of complexity
German International Other real
residential residential estate classes Development Berlin exposure
LEG
Peer 1
Peer 2
Peer 3
Peer 4
Peer 5
Source: Company information as reported as of FY19, incl. hybrid debt. Peers comprise ADO/Adler, Deutsche Wohnen, Grand City Properties, TAG, Vonovia.
8 I June 2020
Affordable housing in Germany – Made in NRW
A very resilient business model with a strong track record
LEG not materially affected during the GFC
6,0 Avg.rent/sqm/month(€) Vacancy (%)
5,0%
5,5 GFC
4,0%
5,0
3,0%
4,5
2,0%
4,0
1,0%
3,5
3,0 0,0%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
LEG well positioned Resilience of German residential during the last economic crises
Non-cyclical business model 140 Rental-price index GDP growth 6,0%
LEG’s attractive rent level of 130 4,0%
€5.88/sqm is key to provide affordable 120 2,0%
living to our tenants 110 0,0%
100 -2,0%
C. 25% of units subsidised 90 -4,0%
Internet
German social system provides 80 bubble/ -6,0%
WTC GFC
several strong layers of social security 70 -8,0%
1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019
Source: Company information, Federal Statistical Office – Residential Rental Price Index
9 I June 2020
Affordable housing in Germany – Made in NRW – Stable spread over 10year BUND
Attractive yields in a low/ no yield environment
Gross yield LEG vs. BUND Stable spread over 10y BUND
% %
6.53
10%
6% 5.64
8% 5.31
6.4 5%
6% 5.5
5.1 4%
4% 4.2
3%
2%
2%
0%
1%
-2%
2013 2014 2015 2016 2017 2018 2019 May 0%
2020 2 2013 2014 2015 2016 2017 2018 2019 May
2020 2
Orange Green Purple Spread LEG Rendite vs. 10Y BUND
1
LEG Total 10Y BUND
1 Annual average. 2 15 May 2020.
10 I June 2020Affordable housing in Germany – Made in NRW – Highlights 2019 – Selective growth
Remaining focussed on
NRW/Germany and affordable living
Regional split Deal funnel 2019 Target markets Rationale
Share NRW (units)
Focus on NRW Market insight/
~100,000 offered as no.1 Cost advantages
first level
c.45% NRW ~67,000 analysis
Additionally B-/ Leveraging our
C-city locations in market access &
deep analysis & adjacent German platform
~34,000 presented to
states
management
(min. ~1,000 units
per location)
due
~14,000 diligence
acquired Focus affordable Sticking to our
c.56% NRW ~5,700 & closed housing standardized
processes, expertise
and social
responsibility
11 I June 2020Affordable housing in Germany – Made in NRW – Innovation & Value-Added Services
Leveraging LEG‘s strong customer base
with additional services
Strong FFO contribution – Services
€m
23
Partner Partner Partner
16
15
Cooperation Cooperation Joint venture (51%)
9
Multimedia: TV, Electricity, heating, Small repair work,
7 internet and telephone gas, metering craftsmen services
5
Launch January 2014 Launch March 2015 Launch January 2017
0
2013 2014 2015 2016 2017 2018 2019 Further roll-out of our Acquisition of Increased our FTE’s
media service offering outstanding by 31 (+10%) in order
in 2019 contributed 49% share in 2019 to better and faster
serve our tenants
>€1m
NAV per share from services of to the FFO growth Successful
cooperation with
€ 5.3 – 8.01 energy supplier to
market electricity and
Not reflected in Group NAV gas
1 Based on 4% - 6% discount rate
12 I June 2020Affordable housing in Germany – Made in NRW – Innovation & Value-Added Services
Digitization as a technology trend is of tremendous importance
for the real estate industry
LEG is headed towards a leading position as a driver of innovation
Greatest digital achievements
Accounting Robot in Receivables Management
increases customer satisfaction as employees focus on
customer need instead of repetitive bookkeeping-tasks
Success with tenant app, additional 50% active users
convinced by extended self-services
Streamlining internal processes in maintenance and
repair to reduce costs
Current development
Substituting written form by phone service to increase
customer satisfaction
No more phone queues as we call our customers back
on demand LEG’s Innovation management approach
Monitoring water quality in our apartment houses Internal scope External scope
continuously and automatically through IoT increasing
tenant safety and reducing costs Corporate culture Innovative services and
supporting constant business models
Digitization in the long run development / innovation Extensive network
Further automation of processes State-of-the-art processes Alliances and strategic
Development of ecosystems with strategic partners to Collaboration and partnerships
increase customer satisfaction and retention communication Transferable innovations
Development of value-add services (disruptive topics) and best practices
13 I June 2020Affordable housing in Germany – Made in NRW
Strong financial profile – successfully tapped markets
during the crisis
Maturity profile Q1 highlights
€m
€250m of secured and unsecured financings at 1.2%
2020 45 0.5% for 10 years
2021 0 €300m cash position
RCF‘s of €200m
2022 0
2023 330 1.8%
Average debt maturity (years)
2024 890 1.6%
2025
Q1-2020 8.1
978 1.3%
2026 525 1.6%
Q1-2019 7.5
2027 921 1.3%
Average interest costs
2028 458 1.6%
Q1-2020 1.46%
2029 128 1.4%
2030
Q1-2019 1.62%
102 1.8%
2031 0
2032+ 645 1.6% Loan-to-value
Q1-2020 38.0%
Debt Bonds Convertible % Weighted avg. interest Q1-2019 40.1%
(excl. subsidised loans)
14 I June 2020Affordable housing in Germany – Made in NRW – Portfolio Valuation 2019
Valuation uplift FY 2019 driven by letting
performance and yield compression
Breakdown revaluation gains
€m
Value drivers Valuation uplift by markets
Allocation capital growth
96
202 9.4% 9.1%
8.3%
422 6.1%
€1,125m1
607
923 Total High Stable Higher
growth yielding
Discount rate
Rent performance & building Revaluation gains
Others (e.g. cost adjustments) Capex
Yield compression (especially in Orange and Green markets) and broad-based strong letting performance drive portfolio values
Visible catch-up effects with respect to multiple B-cities and commuter towns
Adjustment of discount rate from 5.2% in 2018 to 4.8% (cap rate from 6.1% to 6.05%)
Guidance H1-2020: revaluation gains expected to be around last year‘s level (assuming no material Corona effect as of June)
1 Change in Gross Asset Value, l-f-l.
15 I June 2020Agenda I. AFFORDABLE HOUSING IN GERMANY – MADE IN NRW II. FINANCIAL PERFORMANCE III. PORTFOLIO OVERVIEW IV. SUSTAINABILITY V. ATTRACTIVE MARKET NRW VI. APPENDIX 16 I June 2020
Financial Performance – Highlights Q1-2020 & Coronavirus Crisis
Strong start despite a difficult environment
Guidance 2020 confirmed
Strong Performing ESG
Financials Operations Developments
FFO I +10.7% to €94.0m Net cold rent +4.9% 10-point paper to protect and
EBITDA-Margin 74.1% L-f-l rental growth +2.8% safeguard customers and
employees in the Corona crisis
LTV 38.0%/ @1.43%, 8.1y L-f-l vacancy 3.4% (-20bps)
Dividend proposal of €3.60
Cash €300m, credit lines of Acquisitions put on-hold/ confirmed – Introduction of
€200m ambition of 7,000 units scrip dividend – AGM
unchanged postponed
Good start
into 2020
Guidance 2020 confirmed with FFO I of €370m – €380m
Minimal Corona effect YTD
Further revaluations gains expected
Financial profile strengthened
17 I June 2020Financial Performance – Highlights Q1-2020 & Coronavirus Crisis
Manageable implications of Coronavirus crisis
Impact on rental growth: Pre-cautionary measures
Voluntary suspension of External hiring on-hold
Mietspiegel rent increases: Non-personnel cost savings
~20bps on l-f-l rental growth FFO identified
Additional headwinds due to guidance 2020
postponement of
modernisation measures not (€370-380m)
started before mid-March Acquisitions
confirmed
Markets starting to re-open
Deferral of rents Confirm our 7,000 units
Financial Performance – Generating Attractive Shareholder Returns
NAV and dividend development
NAV per share Dividend per share
€, excl. goodwill €
105.39
93.40
3.53 3.601
83.81
3.04
67.15 2.76
58.92
52.69 2.26
49.36 1.96
1.73
+13.5% +13.0%
2013 2014 2015 2016 2017 2018 2019 2013 2014 2015 2016 2017 2018 2019
1 Proposal to Annual General Meeting. CAGR
19 I June 2020Financial Performance −Highlights Q1-2020
Margin expansion story is set to continue
Net Cold Rent Adj. Net Rental and Lease Income Margin
€m €m
+4.9% Adj. Net Rental and Lease Income
+6.5%
%
76.8 78.0 Driver
146.3 153.5
112.4 119.7 Ongoing
efficiency gains
Q1-2019 Q1-2020
Q1-2019 Q1-2020 Q1-2019 Q1-2020 Adj. EBITDA
%
73.0 74.1
Benefitting from
Adj. EBITDA FFO I slightly lower
€m €m maintenance
Q1-2019 Q1-2020
+10.7%
+6.5%
FFO I
106.8 113.7 %
84.9 94.0
58.0 61.2 Slightly lower
interest
expenses and
lower cash taxes
Q1-2019 Q1-2020 Q1-2019 Q1-2020 Q1-2019 Q1-2020
20 I June 2020Financial Performance – Rent Development
Sound underlying rent dynamics
L-f-l residential rent Rent growth drivers FY 2019
(€/sqm/month) %
+2.8%
+2.9%
5.72 5.88
0.9
Re-letting
Q1-2019 Q1-2020
Modernisation
0.8
L-f-l free financed rent
(€/sqm/month) Mietspiegel
adjustments
+3.1%
6.06 6.25 1.2
Q1-2019 Q1-2020 2019
Free financed units demonstrate strong underlying fundamentals Well diversified mix of growth drivers
No material effects from Corona YTD Growth supported by modernisation program with focus
Rent restricted units +1.7% yoy (l-f-l) due to cost rent adjustment on energy efficiency
in January 2020
High exposure to structural growth markets and respective
commuter belts supports strong performance
21 I June 2020Financial Performance – Scalability of platform + cost discipline support value accretive growth
Acquisitions: Leading Management Skills Paying Off
Strong volume growth at decreasing overhead cost…
# of units 36.7
33.1 32.1 33.3 34.0 33.2
Recurr. Admin
costs (€m) 133,969 134,031
128,488 130,085
106,961 108,916
2014 2015 2016 2017 2018 2019
…leads to a significant drop of the administrative costs ratio
Net cold rent
(€m)
8.5 8.4
560.2 586.1
Recurr. Admin 511.7 534.7
costs/net cold
390.1 436.1 6.1
rent (%) 5.7
6.3 6.2
2014 2015 2016 2017 2018 2019
22 I June 2020Financial Performance – Capex & Maintenance
Ongoing focus on energy efficiency
Lifting potential for growth and energy efficiency while maintaining high capital efficiency
€m
+45.7%
€73.3m
(€8.25/sqm)
€50.3m
(€5.74/sqm) Investments increased c.45% year-over-year due to
54.7 strong increase in line with value enhancing capex
29.9
Q1 increase driven by energy efficient modernization as
well as value-enhancing turn-cost spending
~5,400 tons of CO2 savings assumed due to
energetic refurbishment measures in FY 2019
20.4 18.6
Q1-2019 Q1-2020
Capex
Maintenance
23 I June 2020Outlook Guidance 2020 confirmed on the basis of strong operating numbers, a resilient business model and a strong balance sheet Strong Performing ESG Financials Operations Topics FFO I €370m – 380m L-f-l rental growth
Agenda I. AFFORDABLE HOUSING IN GERMANY – MADE IN NRW II. FINANCIAL PERFORMANCE III. PORTFOLIO OVERVIEW IV. SUSTAINABILITY V. ATTRACTIVE MARKET NRW VI. APPENDIX 25 I June 2020
Portfolio and Operating Performance – Overview
Positive rent development
across all submarkets
Strong results on the basis of
tailor-made management strategies
Bielefeld North Rhine-Westphalia
Lippe
Munster Gütersloh (~131,600 units / ~97%)
Recklinghausen
Hamm Paderborn
GelsenkirchenDortmund Soest
Oberhausen
Duisburg Bochum
Essen Hagen
Mettmann Bremen
Wuppertal
Dusseldorf
Moenchen- Lower Saxony
Leverkusen
gladbach
Cologne Rhineland-Palatinate
Aachen
Bonn
(~4,400 units / ~3%)
Markets Total Portfolio High-Growth Stable High-Yielding
Q1-2020 (YOY) Q1-2020 (YOY) Q1-2020 (YOY) Q1-2020 (YOY)
# of units 136,217 +1.9% 41,886 +5.8% 52,682 +3.3% 41,649 -3.3%
In-place rent (sqm), l-f-l €5.88 +2.8% €6.68 +3.1% €5.56 +3.2% €5.40 +1.8%
EPRA-Vacancy, l-f-l 3.4% -20 bps 1.9% -20 bps 3.4% -10 bps 5.6% -20 bps
26 I June 2020Portfolio Overview (as of 31 March 2020)
Portfolio valuation: With €1,356/sqm @5.1% gross yield
still at attractive levels in absolute and relative terms
GAV In-Place GAV
Residential Residential GAV/ Gross Rent Market Commercial/ Total GAV
Market segment Units Assets (€m) sqm (€) yield Multiple Multiples1 Other (€m) (€m)
High-
Growth 41,886 5,300 1,899 4.2% 24.1x 20.6x 249 5,548
Markets
Stable
Markets 52,682 3,997 1,194 5.5% 18.2x 16.4x 134 4,131
Higher-Yielding
Markets 41,649 2,466 973 6.4% 15.7x 14.4x 81 2,547
Total Portfolio 136,217 11,763 1,356 5.1% 19.7x 17.5x 464 12,226
1 Estimated rental values as of December 31, 2019.
27 I June 2020Portfolio Overview
Well-balanced portfolio with significant growth potential
31.03.2020 Units Gross Asset Value Rental Income
By Market 21%
30% 26%
31% 45% 37%
34% 37%
39%
High Growth Markets Stable Markets Higher Yielding Markets
Restricted Subsidised Subsidised Subsidised
25% 26% 23%
vs.
Unrestricted Free- Free- Free-
financed financed financed
75% 74% 77%
28 I June 2020Portfolio Overview – Rent revisionary potential
Refinancing of subsidised loans lifting value
Rent Potential Subsidised Units Number of Units Coming Off Restriction and Rent Upside
# Units c.17,000
Until 2028, c. 24,000 units will come c.10,000
2.272
off rent restriction
1.664 1.620
Units show significant upside to 827
469
375
market rents 164 36
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029ff
The economic upside can
theoretically be realised the year
after restrictions expire, subject to Spread to Market Rent
general legal and other restrictions4 (in €/sqm/month)
3.01
2.76
Over 70% of units to come off restriction until 2028 2.21
1.85 1.78 1.94 1.92
1.13 1.15 0.99 1.10
≥10 years
26.7% ≤ 5 years
21.0%
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 ff.
≤ 5 years2 6 – 10 years2 ≥ 10 years2
In-place rent €4.68 €4.97 €5.00
Market rent1 €6.43 €6.74 €6.10
6-9 years
Upside potential3 37% 36% 22%
52.3% Upside potential p.a.3 €9.8m €23.4m €10.1m
Source: LEG as of FY-2019
1 Employed by CBRE as indicator of an average rent value that could theoretically be achieved, not implying that an adjustment of the in-place rent to the market rent is feasible, as stringent legal and
contractual restrictions regarding rent increases exist.
2 ≤5 years = 2020-2024; 6-10 years = 2025-2029; ≥10 years = 2029ff.
3 Rent upside is defined as the difference between LEG in-place rent and market rent (defined in footnote 1).
4 For example rent increase cap of 15% or 20% for three years.
29 I June 2020Portfolio Overview – Leading Performance
Well diversified portfolio
with attractive reversionary potential
High Growth Markets Stable Markets Higher Yielding Markets
As of 31.12.2019 LEG NRW LEG NRW LEG NRW
No. of Residential Units 40,843 3,401,632 52,034 3,923,192 41,154 1,689,539
Occupancy Rate (%) 98.3% 98.1% 97.1% 96.3% 94.8% 94.9%
In-Place Rent per sqm (€) 6.61 7.77 5.50 6.13 5.36 5.86
Rent Potential1 17% n/a 11% n/a 9% n/a
The LEG portfolio offers a 13%
average rent upside potential1
Source: LEG as of FY-2019, CBRE, Empirica, IT.NRW
1 Market rent (CBRE) compared to LEG portfolio
30 I June 2020Portfolio Overview
Above inflationary rent growth and high occupancy
Significant rent upside1) potential with current in-place rents of € 5.82/sqm/month (as of FY-2019), approx. 13% below market rent levels
Residential % of total Rent Market rent2 % to EPRA- Rent CAGR last Occup. CAGR
Market (FY-2019) Units rent /sqm /sqm market1 Vacancy 5 yrs (lfl)* last 5 yrs (lfl)*
High Growth
40,843 36% 6.61 7.77 17% 1.7% 2.9% -0.5%
Markets
Stable
52,034 36% 5.50 6.13 11% 2.9% 2.8% 3.5%
Markets
Higher Yielding
41,154 28% 5.36 5.86 9% 5.2% 2.7% -4.1%
Markets
Total 134,031 100% 5.82 6.57 13% 3.1% 2.9% -1.0%
% Sub- EPRA-Vac. Rent CAGR Occ. change % free Rent EPRA-Vac. Rent CAGR Occup. CAGR
Market (FY-2019) sidised units Rent/sqm (%) last 5 yrs (lfl)* last 5 yrs (lfl)* financed units /sqm (%) last 5 yrs (lfl)* last 5 yrs (lfl)*
High-Growth
28% 5.12 0.8% 0.5% -4.8% 72% 7.23 2.0% 3.8% -0.4%
Markets
Stable
27% 4.73 1.9% 0.8% 8.3% 73% 5.82 3.2% 3.7% 1.7%
Markets
Higher Yielding
20% 4.45 2.1% 0.6% -4.9% 80% 5.62 5.9% 3.3% -4.6%
Markets
Total 25% 4.80 1.5% 0.7% 2.0% 75% 6.20 3.5% 3.7% -2.1%
Source: LEG, CBRE. * As of FY-2019 and FY-2015
1) rent upside is defined as the difference between LEG in-place rent and market rent, the latter of which is an indicator of an average rent value that could theoretically be achieved, not implying that an
adjustment of the in-place rent to the market rent is feasible, as stringent legal and contractual restrictions regarding rent increases exist.
2) Cf. Footnote 1 for a definition of market rent
31 I June 2020Portfolio Overview – 31 March 2020
Portfolio Structure
Construction Years Free Financed / Rent Restricted Units
After 1989 6% 12% Until 1949 Rent Free
restricted 25% 75% financed
units units
1970-1989 24%
58% 1950-1969
Building Types1 Apartment Size2
High 2% > 90 sqmPortfolio Overview – Leading Performance
Unlocking value potential
through construction on own land
Münster
Four buildings with 51 units in Münster: seizing value potential through
densification on vacant plots of own land
Construction cost €7.7m or c.€2,200/sqm; IPR c.€12-13/sqm
Respecting the environment and responding to demographic changes
Cologne (Höhenhaus)
www.leg-wohnen.de/Gartensiedlung
43 buildings with c. 200 units will be replaced by 400 units
Architectural competition concluded at end of 2019
Approx. 30% of apartments will be subsidised or price-demanded units,
resulting in varying levels of in-place rent
Will include a kindergarten and be responsive to aging tenants
Hilden (Greater Düsseldorf)
Construction of 3 buildings with 38 apartments completed in May 2020
Respecting the environment and responding to demographic changes
Total pipeline
Total pipeline of c.1,000 units, yield on cost >4.5%
New construction in Hilden
Target: 500 new build units per year from 20231)
1 250 new build units + acquisition of 250 new build units.
33 I June 2020Portfolio Overview – Supply & Value Potential
Asset values significantly below replacement cost
Residential replacement costs of the LEG portfolio
Minimum replacement cost for new-built product at c. €2,700 per sqm2
The portfolio of affordable living product is de facto irreplaceable at comparable cost base
At ~€2,700 minimum replacement cost for a comparable new product, the company’s in-place yield of 5.1% would imply a
rent/sqm requirement of c.€12/sqm1, which is not feasible to achieve in the affordable living segment
5.1% ~€2.700/sqm² Gross residential yield
€1.356/sqm
LEG Minimum
replacement costs
LEG’s portfolio is conservatively valued at €1,356/sqm,
a valuation level below Germany-wide replacement cost for new stock, offering attractive yield
Source: Company information
Notes: 1Theoretical rent/sqm based on 5.1% yield of LEG; 2 LEG estimates, minimum standard
34 I June 2020Agenda I. AFFORDABLE HOUSING IN GERMANY – MADE IN NRW II. FINANCIAL PERFORMANCE III. PORTFOLIO OVERVIEW IV. SUSTAINABILITY V. ATTRACTIVE MARKET NRW VI. APPENDIX 35 I June 2020
Sustainability
Social responsibility -
What we have done so far
Creation of an organisational and reporting structure
Sustainability Manager
Management Board bears overall responsibility Management Board
Top decision-maker Management Board: Lars von Lackum, CEO
Responsible Supervisory Board member: Stefan Jütte Steering Committee
Steering Committee for strategic decisions and pooling of the
activities includes the Heads of key divisions/functions
Sustainability Officers/Data Owners in various departments for Data Owner
monitoring the achievement of goals and for data collection
Sustainability Manager as interface
New committee established in 2019 working on the achievement of
climate targets
Disclosure and assessments
Annual Sustainability Reports 2017 - 2019 based on GRI standard
and including EPRA Sustainability Performance Measures
(third party assurance: limited assurance by PwC)
Participation in GRESB Real Estate Assessment
36 I June 2020Sustainability
Environmental commitment
LEG set itself measurable and publicly communicated targets for the energetic improvement
of the portfolio and reports on their achievement in its sustainability reports
Environmental targets
Energy efficient modernisation of more than 15% of our portfolio
i.e. 3% p.a. on average from 2017-2021
Thereby reducing the number of residential buildings in energy
efficiency classes G and H by more than 20%
Increasing tenants’ awareness (consumption transparency through
utility and heating cost invoicing; tenants’ manual)
LEG residential portfolio by energy efficiency classes
(in %, FY 2019) In 2019, potential
24
reduction of another
23
19 c.5,400 metric tons of
12 13 CO2 achieved
8
0 2
A+/A B C D E F G H
37 I June 2020Sustainability
Social commitment
Tenants Employees
Offering attractive housing at affordable rents Vocational training and professional development
Cooperation with professional partners for housing- Charta of Diversity signed (www.charta-der-vielfalt.de)
related services or offers (multimedia, green electricity Gender equality and reconciliation of work and family
at attractive prices) (audit certificate, www.berufundfamilie.de)
Annual inspections of all buildings to ensure tenants‘ Transparent remuneration structures (own collective
health, safety and well-being bargaining agreement)
Socially oriented neighbourhood and integration Occupational health management (e.g. health and
management safety checks, preventive measures, training)
Numerous tenant events
Regular surveys on employee satisfaction
Monitoring of tenant satisfaction (www.greatplacetowork.de)
Customer advisory council
LEG Tenant Foundation for short-term financial
assistance
Suppliers
New €16m foundation for sustainable social work Suppliers Code of Conduct
38 I June 2020Sustainability
Social commitment
during the crisis
Coronavirus crisis: LEG’s voluntary 10-point paper (21 March 2020) and additional measures
Support and protection for tenants Protection of employees
Suspension of rent increases in line with Work from home to provide safety and flexibility for
Mietspiegel from mid-March employees and their families
No termination of rental agreements, no evictions Protection gear for employees
Supporting of small business/commercial tenants Benefits for employees during times of closed schools
and nursery schools
Social initiatives
Special offers for system-relevant professionals
€1m for corona aid measures through foundation
(„Your home helps“)
Organisation of neighbourhood assistance
Commitment to homeless people
Legal amendment on federal level
Tenants cannot be evicted if they are not able to pay their rents for April-June 2020 due to the coronavirus crisis
Deferral until June 2022 at the latest; interests (4%) can be charged
39 I June 2020Sustainability
Corporate Governance
Corporate Governance Code Compliance Management System
Compliance with the German Corporate Governance Certified Compliance Management System
Code Focus on fair and responsible business, competition
Member of the Corporate Governance Institute of the regulation, data protection, tax compliance, capital
German Real Estate Association market and product compliance
Code of Conduct (as part of employment contracts and
supplier contracts)
Board Structure Training of all employees, dedicated Intranet page and
compliance manual
Two-tier structure of Management Board and
Supervisory Board Whistleblower system for employees and third parties
Supervisory Board 100% independent Compliance Officer, Anti-Corruption Officer and external
ombudsman
Diversity concept for Management and Supervisory
Board
Further information: cf. LEG Annual Report
40 I June 2020Agenda I. AFFORDABLE HOUSING IN GERMANY – MADE IN NRW II. FINANCIAL PERFORMANCE III. PORTFOLIO OVERVIEW IV. SUSTAINABILITY V. ATTRACTIVE MARKET NRW VI. APPENDIX 41 I June 2020
Attractive Market NRW
Portfolio highly exposed to structural growth markets
Geographic reach of growth cities Key data
(60 km radius) Approx. 93% of LEG‘s portfolio is located in the
catchment area of growth cities (60 km) and around
Minden-
Lübbecke 64% in the commuter belts (60 km) of Düsseldorf
Steinfurt
Herford and Cologne, the most populous cities in NRW
Bielefeld
Lippe
Many principal university cities are located in NRW,
Borken Münster
Coesfeld Gütersloh e.g. Cologne, one of Germany’s “Universities of
Warendorf
Excellence” or Bonn, Aachen and Münster
Kleve Hamm Paderborn Höxter
Wesel Recklinghausen
Unna
Gelsenkirchen Soest
OberhausenHerne Dortmund
Bochum
DuisburgEssen
Hagen
Structural growth cities
Krefeld
Viersen Mettmann
Number of 1-2 person households constantly
Hochsauerlandkreis
Düsseldorf Wuppertal Märkischer Kreis
Mönchengladbach Solingen
Rhein-Kreis
Neuss Leverkusen Olpe growing in swarm cities and outperforming Germany
Heinsberg
Cologne OberbergischerSiegen-
Kreis
(2017: 75.3% in Germany)
Rhein-Erft-Kreis Wittgenstein
Aachen
Düren
Rhein-Sieg-Kreis Growth cities tend to younger age structure
Bonn
compared to Germany: stronger increase in share of
Euskirchen people under the age of 40 (2017: 43.0 % in Germany)
and percentage of people above the age of 60 steadily
shrinking (2017: 27.9% in Germany; rising trend)
Source: Federal Statistical Office
42 I June 2020Attractive Market NRW
North-Rhine Westphalia (NRW)
Favourable demograhics NRW household growth 2014-20401
Key metropolitan area in Germany, and one of the m
8.6 +5.3% 9.0
largest areas in Europe (17.9m inhabitants) >2 People
2.2 2.0
Households
Highest population density – key advantage for
efficient property management +10.3%
1-2 People
Low unemployment rate (2019 average: 6.5%) 6.4 7.0 Households
Above average growth of 1-2 person households
(10.3% growth of 1-2-people households expected in 2014 2040
NRW (2014 – 2040). Process driven by decrease of
average household size
High affordability
Low home ownership of approx. 43% in NRW 3) (45% € Purchasing power 2 / Household
in Germany4)) provides for consistent demand
34.6% Gross rent / Household
High affordability (on average 23.3% of household 29.3%
Gross rent ratio
purchase power spent on gross rent) 24.9% 23.6%
21.7% 23.3%
High demand for affordable living product: 4,644
4,138 3,910
Approx. 50% of households with income of less than 3,602
3,262 3,371
€2,000 per month
Beneficiary from immigration thanks to liquid labour 1,605
market and balanced mix of industries 956 1,031 796 781 910
Munich Berlin Dusseldorf Dortmund Essen NRW
Source: Own calculations based on Emirica (2018), IT: NRW (2017), MB Research (2018). 1 IT.NRW based on micro census 2011 2 Net income pre tax and
social insurance contributions and including received transfer payments. 3 Federal Statistical Office 2016 (census 2014) 4 IVD real estate association
43 I June 2020Attractive Market NRW
North-Rhine Westphalia (NRW)
Favourable economic climate Leading positions in important industries
Germany’s economic powerhouse generating approx. Direct investments: #1 in Germany for foreign investors
21% of German GDP 29.2% of direct investments in Germany
About one third of the largest companies in Germany Chemicals: #1 in Germany, #5 in Europe (sales)
are based in NRW NRW generates 30.8% of German sales
Centrally located in Europe, excellent infrastructure and Biotechnology: #1 in Europe, #9 worldwide (patents)
a key transport hub (with multiple airports, dense railway Highest number of biotech patent applications in Europe
system, motorway network and waterways) NRW generates 44.4% of German sales
Robust labour market with decreasing rate of Microsystems Technology: top position
unemployment 28% of all German players are located in NRW with focuses
(-40% since 2006) in Aachen, Cologne/Bonn, Münster, and Dortmund as a
hotspot
Nanotechnology: top position in Germany and Europe
Bielefeld More than 200 companies, thereof 50 large companies
220 institutes (of which 9 Fraunhofer, 3 Max Planck and
Gütersloh
universities)
Essen
Mobile communication: #1 in Germany
Mulheim/Ruhr
Düsseldorf
NRW companies account for 83% of the German mobile
Leverkusen
Cologne
communication market
Bonn
Education: 6 of 10 largest universities located in NRW2)
e.g. RWTH Aachen, one of the largest technical universities
in Europe, renowned for engineering, IT and natural sciences
44 I June 2020Agenda
I. AFFORDABLE HOUSING IN GERMANY – MADE IN NRW
II. FINANCIAL PERFORMANCE
III. PORTFOLIO OVERVIEW
IV. SUSTAINABILITY
V. ATTRACTIVE MARKET NRW
VI. APPENDIX
FINANCIALS
45 I June 2020Appendix – Q1-2020
FFO Calculation
€m Q1-2020 Q1-2019
Net cold rent 153.5 146.3 +€7.2m YOY/+4.9%
Profit from operating expenses -0.8 -1.7
Maintenance (externally-procured services) -12.9 -13.8
Growth in staff costs mainly
Staff costs -17.7 -16.1 due to additional FTE’s
Allowances on rent receivables -2.3 -2.4 (operations and for crafts
services) and increased tariff
Other -0.8 -0.6
Non-recurring project costs (rental and lease) 0.7 0.7
Adj. NRI increased by
Recurring net rental and lease income 119.7 112.4 +€7.3m YOY (+6.5%); rising
cost inflation more than offset
Recurring net income from other services 2.4 2.0
by efficiency gains
Staff costs -5.6 -5.6
Non-staff operating costs -3.6 -2.9
Non-recurring project costs (admin.) 0.8 0.8 Higher IT, legal and
Recurring administrative expenses -8.4 -7.7 consulting costs
Other income and expenses 0.0 0.1
Adjusted EBITDA 113.7 106.8
EBITDA increased by
Cash interest expenses and income -19.0 -19.2 +€6.9m YOY (+6.5%)
Cash income taxes from rental and lease -0.8 -2.0
FFO I (including non-controlling interests) 93.9 85.6 Stable interest costs
(average costs in Q1-2020:
Non-controlling interests 0.1 -0.7
1.46% vs. 1.62% in Q1-2019)
FFO I (excluding non-controlling interests) 94.0 84.9 despite higher debt volume
FFO II (including disposal of investment property) 93.5 83.2
Capex-adjusted FFO I (AFFO) 39.3 55.0
46 I June 2020Appendix – Q1-2020
Income Statement
€m Q1-2020 Q1-2019
Higher rental income +€7.2m
Net rental and lease income 116.5 109.7 YOY/+4.9%
Higher personnel expenses
(€1.6m)
Net income from the disposal of investment property -0.3 -0.3
Net income from the valuation of investment property -0.7 -0.2
Net income from the disposal of real estate inventory -1.4 -0.7
Net income from other services 1.7 1.4
Recurring admin. costs
Administrative and other expenses -10.3 -9.5 +€0.7m due to a mix of
higher IT, legal and
consulting costs
Other income 0.0 0.1
Operating earnings 105.5 100.5 Net income from fair value
measurement of derivatives
-€0.3m (Q1-2019: -€116.0m)
Net finance costs -20.0 -139.0 Lower cash interests (€22.6m;
-€3.0m YOY) despite rising
debt volume
Earnings before income taxes 85.5 -38.5
Income tax expenses -19.0 -18.5 Cash taxes FFO I -€0.8m,
cash taxes from disposals
-€0.3m
Consolidated net profit 66.5 -57.0
47 I June 2020Appendix – Q1-2020
Strong balance sheet
€m 31.3.2020 31.12.2019
Investment property 12,269.0 12,031.1 Acquisitions €184.9m
Capex €54.7m
Other non-current assets 269.5 322.7
Non-current assets 12,538.5 12,353.8
Receivables and other assets 106.3 89.6 Cash flow from operating
activities €80.2m
Cash and cash equivalents 300.1 451.2 Investing activities
-€178.2m
Current assets 406.4 540.8 Financing activities
-€53.1m
Assets held for sale 15.9 25.2
Net repayment of loans
Total Assets 12,960.8 12,919.8 -€108.4m
Borrowing of bank loans
Equity 6,010.1 5,933.9 €58.5m
Non-current financing liabilities 4,862.0 4,856.8
Other non-current liabilities 1,656.6 1,654.2
Non-current liabilities 6,518.6 6,511.0
Current financing liabilities 142.7 197.1
Other current liabilities 289.4 277.8
Current liabilities 432.1 474.9
Total Equity and Liabilities 12,960.8 12,919.8
48 I June 2020Appendix – Q1-2020
Strong credit profile in more
volatile financing environment
€m 31.3.2020 31.12.2019
Financial liabilities 5,004.7 5,053.9 Strong balance sheet with
LTV of 38.0% significantly
below maximum target (43%)
Excluding lease liabilities (IFRS 16) 29.9 31.8
leaves headroom for growth
investments
Cash & cash equivalents 300.1 451.2
Net Debt 4,674.7 4,570.9
Investment properties 12,269.0 12,031.1
Properties held for sale 15.9 25.2
Prepayments for investment properties 13.0 53.5
Property values 12,297.9 12,109.8
Loan to Value (LTV) in % 38.0 37.7
49 I June 2020Appendix – Q1-2020
EPRA-Net Asset Value
€m 31.3.2020 31.12.2019
€63.6m net profit
Equity (excl. minority interests) 5,986.0 5,909.9 €12.5m pensions
Effect of exercising options, convertibles and other rights 26.1 26.1
NAV 6,012.1 5,936.0
Fair value measurement of derivative financial instruments 87.2 84.0
Deferred taxes1 1,337.0 1,336.4
EPRA-NAV 7,436.3 7,356.4
Number of shares fully-diluted incl. convertible (m) 69.010 69.010
EPRA-NAV per share in € 107.76 106.60
Goodwill resulting from synergies 83.4 83.4
Adjusted EPRA-NAV (excl. goodwill) 7,352.9 7,273.0
Adjusted EPRA-NAV per share in € 106.55 105.39
Gross yield of 5.1% (thereof free financed portfolio: 5.3%) and value per sqm (€1,356) still
reflect decent gap to recent portfolio transactions
Value of services business not included in NAV
Scenario: additional value approx. €5.30-€8.00 per share (discount rate of 4.0%-6.0%)
1 And goodwill resulting from deferred taxes on EPRA-adjustments.
50 I June 2020Appendix – Portfolio Valuation 2019
Broadbased valuation uplifts
continue across market segments
Valuation uplift by markets (l-f-l), including commercial and other assets
Valuation uplift FY-19 Valuation uplift H2-19 Gross yield FY-19
High-Growth Markets 9.4% (7.5% in FY-18, l-f-l) 3.5% 4.1% (4.5% in FY-18)
Münster (6,103 units) 8.5% 2.8% 3.7% (4.0%)
Düsseldorf (5,209 units) 9.7% 2.8% 4.0% (4.3%)
Monheim (3,350 units) 16.4% 11.0% 4.4% (5.1%)
Stable markets 9.1% (10.7% in FY-18, l-f-l) 3.5% 5.5% (6.0% in FY-18)
Dortmund (13,318units) 11.3% 3.4% 4.7% (5.3%)
Essen (3,373 units) 7.3% 3.1% 5.4% (5.9%)
Mönchengladbach (6,436 units) 9.5% 5.1% 5.9% (6.2%)
Higher-yielding markets 6.1% (6.9% in FY-18, l-f-l) 2.4% 6.4% (6.9% in FY-18)
Duisburg (6,117 units) 4.9% 1.3% 6.1% (6.5%)
Hamm (1,626 units) 4.9% 0.1% 6.1% (6.6%)
Recklinghausen district 9.2% 4.7% 6.7% (6.9%)
Total portfolio 8.3% (8.2% in FY-18, l-f-l) 3.4% 5.1% (5.5% in FY-18)
51 I June 2020Appendix – Portfolio Valuation
Market clustering based on LEG’s methodology
Key indicator
Scoring based on local districts5 LEG Scoring
Relative comparison of rental
1. Rental level1
levels High-growth
markets
Relative comparison of vacancy
2. Vacancy level2
levels
Stable
markets
~30 indicators like
3. Socio demographic ranking3 demographics, labour market,
wealth etc.
Higher-yielding
>20 indicators from demo-
markets
4. Future attractiveness4 graphics, economy, edu-
cation, family friendliness
Weighting
Source: Company information
Notes: 1 Empirica; 2 CBRE; 3 Prognos Institut; 4 Berlin Institut; 5 Based on 401 local districts in Germany
52 I June 2020Agenda
I. AFFORDABLE HOUSING IN GERMANY – MADE IN NRW
II. FINANCIAL PERFORMANCE
III. PORTFOLIO OVERVIEW
IV. SUSTAINABILITY
V. ATTRACTIVE MARKET NRW
VI. APPENDIX
REGULATION
53 I June 2020Appendix – Rent Regulation
Ongoing political discussion but small impacts on LEG
Topic Description Impact on LEG
Mietspiegel Agreement on change of reference period from 4 to 6 years Marginal impact on rent growth.
(reference rent)
Modernization Reduction of modernization charge from 11% to 8% LEG only slightly affected due to
Rent increase max. €3 per sqm over a period of six years pursuit of less aggressive
(rents below €7 per sqm: limitation to max. €2 per sqm) modernization approach.
Reletting Mandatory disclosure of previous tenant’s rent No impact on LEG.
Mietpreisbremse Only applicable for re-letting in tense markets, number of tense No material changes for LEG.
(rental break) markets reduced to 18 cities in NRW from 1 July 2020
Share deals Reform of the land transfer tax (Grunderwerbsteuer) includes LEG does not expect significant
lowering the threshold from 95 to 90% and increasing the holding effects (only for PE deals).
period from 5 to 10 years (which makes share deals less profitable)
Outside NRW
Berlin rental It is expected that the Federal Constitutional Court will declare No impact on LEG. NRW
freeze the rent freeze in Berlin unconstitutional government disapproves of this
No risk of expansion into NRW instrument.
54 I June 2020Appendix – Rent Regulation
Basics
Free financed units
Existing contracts
Rent increase by max. 20% (15% cap in tense markets²) within 3 years; limit: local reference rent1
After modernization: annual rent can be increased by 8% of modernization costs; New NRW Tenant
limit: €3 per sqm (rent/sqm/month > €7) or €2 per sqm (rent/sqm/month < €7) over 6 years Protection Law
effective from July 2020
New contracts reduces number of tense
Markets without rental cap: no regulation markets to 18 cities²
In tense markets2 the rental break (Mietpreisbremse) applies: max. 10% on local reference rent1
Rent restricted units
Cost rent adjustment
Every third year (i.e., 2017, 2020, 2023)
After full repayment of the underlying subsidised loan, the residential unit gets out of rent restriction and regular code applies
In the case of early repayment, rent restriction continues for another 10 years (tenant protection); then regular code applies
Advantages of early repayment
Earlier transition of subsidised unit into free financed segment
Immediate positive valuation effect (DCF model)
1 Based on rent table (Mietspiegel) or 3 comparable units or expert’s report.
2 In NRW, 18 cities were identified as tense markets, especially Düsseldorf, Cologne and Greater Cologne area, Bonn, Münster
55 I June 2020Agenda
I. AFFORDABLE HOUSING IN GERMANY – MADE IN NRW
II. FINANCIAL PERFORMANCE
III. PORTFOLIO OVERVIEW
IV. SUSTAINABILITY
V. ATTRACTIVE MARKET NRW
VI. APPENDIX
MANAGEMENT
56 I June 2020Appendix – Management
LEG Management Board
Lars von Lackum Dr. Volker Wiegel
CEO COO
Responsibilities
Strategy, M&A, Organisation and Digitisation Finance and Controlling Asset and Property-Management; incl.
Legal and Human Resources Investor Relations Commercial Management
Management and Supervisory Board Office Portfolio Management Neighbourhood Management
Legal, Compliance and Internal Audit Accounting and Tax Property Management
Human Resources Modernisation
Corporate Communications Central Procurement
Acquisition Receivables Management
New construction Rent Management
IT Operating Expenses Management
TechnikServicePlus GmbH
EnergieServicePlus GmbH
Risk Management
With LEG
Since 2019 Since 2013
In Industry
6 years 6 years
57 I June 2020Agenda
I. AFFORDABLE HOUSING IN GERMANY – MADE IN NRW
II. FINANCIAL PERFORMANCE
III. PORTFOLIO OVERVIEW
IV. SUSTAINABILITY
V. ATTRACTIVE MARKET NRW
VI. APPENDIX
INVESTOR & CREDITOR RELATIONS
58 I June 2020Appendix
LEG Share Information
Basic data Well-balanced shareholder structure1
Prime Standard, Frankfurt Stock Exchange Other free float MFS
Total no. of shares: 69,009,836 75.8% 10.5%
Ticker symbol: LEG BlackRock
ISIN: DE000LEG1110 8.1%
Indices: MDAX, FTSE EPRA/NAREIT, GPR 250, DAX ESG,
BNP Paribas AM
Stoxx Europe 600, DAX ESG, MSCI Global Standard
3.2%
Weighting (31.3.2020): MDAX 3.40%; EPRA 3.49%
Rating: Baa1 (stable) by Moody’s Flossbach von Storch
3.0%
Share price (5.5.2020, indexed; 31.1.2013 = 100)
300
250
200
150 EPRA Germany
LEG
100
50
0
02-2013 02-2014 02-2015 02-2016 02-2017 02-2018 02-2019 02-2020
1 Source: LEG; shareholdings according to voting rights notifications.
59 I June 2020Appendix
LEG Additional Creditor Information
Unsecured financing covenants Financing mix
Covenant Threshold 31.03.2020
Variable interest Fixed interest
Consolidated Adjusted EBITDA / 8.6% 79.8%
Net Cash Interest
>1.8x 5.5x
Unencumbered Assets / Swaps
Unsecured Financial Indebtedness
>125% 196%
11.6%
Net Financial Indebtedness /
Total AssetsAppendix
Capital Market Financing
Corporate Bonds Convertible Bond
2017/2024 2019/2027 2019/2034 2017/2025
Issue Size €500m €500m €300m Issue Size €400m
Term / 7 years / 8 years / 15 years / Term/ 8 years /
Maturity Date 23 January 2024 28 November 2027 28 November 2034 Maturity Date 1 September 2025
Coupon 1.250 % p.a. 0.875 % p.a. 1.625 % p.a. Coupon 0.875% p.a.
(annual payment) (annual payment) (annual payment) (Semi-annually payment:
1 March, 1 September)
Issue Price 99.409 % 99.356 % 98.649 % Initial Conversion €118.4692
Price
Financial Covenants Net financial debt/ total assets ≤ 60% Adjusted €117.2547
Secured financial debt/ total assets ≤ 45% Conversion Price (as of 30 May 2019)
Unencumbered assets/ unsecured financial debt ≥ 125%
Adj. EBITDA/ net cash interest ≥ 1.8 x Issuer Call From 22 September 2022,
if LEG share price >130%
of the then applicable
conversion price
ISIN XS1554456613 DE000A254P51 DE000A254P69 ISIN DE000A2GSDH2
WKN A2E4W8 A254P5 A254P6 WKN A2GSDH
61 I June 2020Appendix Financial Calendar 2020 March 2020 Report/Event 9th Annual Report 2019 May 2020 11th Quarterly Statement Q1 as of 31 March 2020 August 2020 7th Quarterly Report Q2 as of 30 June 2020 August 2020 19th Virtual Annual General Meeting November 2020 12th Quarterly Statement Q3 as of 30 September 2020 62 I June 2020
Contact Investor Relations Frank Kopfinger, CFA Karin Widenmann Head of Investor Relations & Strategy Senior Manager Investor Relations Tel: +49 (0) 211 4568-550 Tel: +49 (0) 211 4568-458 E-Mail: frank.kopfinger@leg.ag E-Mail: karin.widenmann@leg.ag LEG Immobilien AG ǀ Hans-Boeckler-Str. 38 ǀ 40476 Düsseldorf, Germany Phone: +49 (0) 211 4568-400 ǀ Fax: +49 (0) 211 4568-22 204 ǀ E-Mail: ir@leg.ag ǀ Internet: www.leg.ag 63 I June 2020
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