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1 MARCH 22,

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3 ADO THE PURE-PLAY BERLIN RESIDENTIAL SPECIALIST Investment highlights 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 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 Key metrics (end of Q4 2016) 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 Our properties a focussed residential portfolio 1,2 with potential for privatization³ Residential 87% privatization portfolio 2% Braunschweiger Neukölln Möckernstr. Kreuzberg Müllerstr. Wedding Commercial 11% Other 2% holding portfolio 78% 1 Based on in-place rent total portfolio 2 Commercial in-place rent mainly as part of residential buildings 3 Based on total units mid term 10% long term 10% 3

4 HIGHLIGHTS 2016 Strong operational performance 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 Acquisitions delivered 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 Successful capital increases 2 capital raises, April and September 2016 Placement of a total of 9.1m new shares 293m of net proceeds raised Outstanding valuation results Strong financial performance 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 EPRA NAV growing by 748m to 1,591m EPRA NAV per share increase by 50% to 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 4

5 HIGHLIGHTS 2016 (continued) OPERATIONS & BALANCE SHEET 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 EPRA NAV per share LTV 31.4% 43.6% FINANCIALS 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 Dividend per share 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 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%) 5

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7 NEW CLUSTERS METHODOLOGY PROVIDES MORE INSIGHT INTO PORTFOLIO 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 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 vs. single assets) New clustering provides additional insight in asset quality and stricter criteria for Central Locations 7

8 NEW CLUSTERS REAL LIFE EXAMPLES NEW MODEL Central S-Bahn-Ring S-Bahn-Ring ( ) ( ) District Charlottenburg Steglitz Neukölln Pankow Reinickendorf Property value in m Number of residential units , ,463 Avg. In-place rent in / sqm / month (resi) Avg. New letting rent in / sqm / 2016 (resi) Occupancy (physical, resi) 100% 100% 98% 96% 98% Acquisition date 07/ / / / /2015 Central: Hohenzollerndamm S-Bahn-Ring: Ahornstr. 11 S-Bahn-Ring 60-90: Horizon : Straße : Carlos New clustering provides significantly better insight into asset quality 8

9 QUALITY, BALANCED, BERLIN FOCUSED PORTFOLIO High quality turn of the century buildings with low number of restrictions remaining 36% % of Fair Value 29% 3,000 2,500 2,824 # of units 2,000 18% 1,500 < % 7% Year of construction % , Last year of restriction Key metrics residential portfolio (end of Q4 2016) 1 Central S-Bahn Ring S-Bahn Ring ( ) ( ) Property value (in m) ,326 Number of units 5,507 1,613 2, ,768 17,701 Avg. Rent in / sqm / month Avg. New letting rent in / sqm / month 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% 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 Total 100% exposure within Berlin city borders with around 40% in Central Locations 9

10 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 Hohenzollerndamm, Wilmersdorf Horizon, Neukölln Wilhelminenhofstr., Köpenick TOTAL ACQUISITIONS (2016) Central S-Bahn Ring S-Bahn Ring ( ) ( ) Property value in m Value per sqm ( ) 2,452 1,846 1,626 2,283 1,426 1,802 Total sqm (k) Run rate net rents ( m) Commercial units Residential units , ,950 Avg. in-place rent / sqm / month ( ) CBRE Market rent / sqm / month ( ) 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% TOTAL Accretive portfolio acquisitions with a value of 383m integrated in 2016 ensuring a balanced growth 10

11 FURTHER UNITS ACQUIRED 581 units acquired in 9 transactions since the end of Q4 Signed after Q m 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 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 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 Vacancy residential/commercial 4.0% / 0.3% Friedrich-Karl-Str. 1-3, Tempelhof Huttenstraße 39, Moabit Estimated FFO1 2.7m Ringstraße 86, Tempelhof Attractive individual asset acquisitions with a strong fit to the existing ADO portfolio Kiefholzstraße 411, Alt-Treptow 11

12 STRONG LIKE-FOR-LIKE GROWTH GENERATED BY SMART TARGETED CAPEX INVESTMENTS Full year growth of 6.0% above our 2016 target of 5% 4.7% 1.3% 1.0% 2.4% 8.0% 3.3% 1.6% 3.1% 7.3% 3.8% 2.7% 0.8% 6.0% 2.7% 1.6% 1.7% Guidance: 5.0% From modernization CAPEX From fluctuation w/o CAPEX and vacancy reduction* Regular rent increases * 2016 includes vacancy effect of around 1.4% L-f-L contribution by clusters S-Bahn Ring 0.5% ( ) 2.9% S-Bahn Ring ( ) 0.4% Central 2.0% 0.2% MAINTENANCE & CAPEX ( / sqm) Avg FY 2016 Maintenance Capitalized maintenance Modernization CAPEX Total # New 250 lettings 200 Distribution of realized rent reversions < 5% 5% - 10% % - 15% 97 29% average % - 20% 20% - 25% 25% - 30% 30% - 35% growth vs. previous rent level 35% - 40% 340 > 40% 5% L-f-L rental growth guidance confirmed for

13 SIGNIFICANT VACANCY REDUCTION OF 150BPS DELIVERS ADDITIONAL GROWTH 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 5.0% 4.5% 4.0% 4.0% 0.5% 3.5% 3.0% 2.6% 1.6% 2.5% 2.5% 0.4% 0,2% 2.0% 0.3% 0.6% 1.5% 1.0% 1.0% 0.9% 1.0% 0.4% 0.5% 0.4% 0.4% 0.4% 0.6% 0.4% 0.0% Q Q Q Marketing Marketing (Carlos) Modernization Modernization (Carlos) Privatization 1 Based on physical vacancy, residential only. Q l-f-l vacancy rate is identical at 2.5% Reduction to an overall vacancy rate of 2.5% underlines operational performance 13

14 CARLOS PORTFOLIO: 7.2 % L-F-L RENTAL GROWTH IN 2016 Key metrics (per December 2016) Occupancy rate improved by 310 bps in 2016 Location Acquisition cost Spandau & Reinickendorf 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) 99% 98% 97% 96% 95% 94% 93% 95.0% Jan 16 Feb 16 Mar 16 Apr 16 May 16 June 16 July 16 Aug 16 Sep 16 Oct 16 Nov 16 Dec % Strong ongoing letting results above average cancellation levels No. of New lettings Jan 16 Feb 16 Mar 16 Apr 16 May 16 June 16 July 16 Aug 16 Sep 16 Oct 16 Nov 16 Dec Average No. of cancellations units let since takeover Investment program on track No. of finished units (resi) Finished units accumulated Jan 16 Feb 16 Mar 16 Apr 16 May 16 June 16 July 16 Aug 16 Sep 16 Oct 16 Nov 16 Dec Operational turn-around of Carlos completed with further upside in 2017 due to release of restrictions 14

15 CARLOS PORTFOLIO GENERATES STRONG VALUE GROWTH Net rent & /sqm income growth (in k) 2,200 Residential Commercial Parking /sqm resi , , , , ,950 1, ,850 1,947 1,956 1,961 1,969 1,986 1,997 2,010 2,022 2,028 2,039 2,050 2,078 1,800 Jan 16 Feb 16 Mar 16 Apr 16 May 16 June 16 July 16 Aug 16 Sep 16 Oct 16 Nov 16 Dec Results (in m) Refurbishment: example pictures 534 Before: % Yield effect Rent effect After: Acquisition cost Public CAPEX Modernization CAPEX Total investment Current FMV Investment decision confirmed by an asset value growth of 115m (+27.5%) around 30% from operational improvements 15

16 CASE STUDY LÖWENBERGER STRAßE 2-4: FINAL FIGURES Key metrics (December 2016) 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 Occupancy steadily increasing since turnaround in Feb 15 Key actions More than 250 of 379 units modernized (66% of total) New lettings signed in 2016 with per sqm on average ( per sqm for 1-bedroom-apartments) Year end occupancy rate impacted by typical year end terminations which are now going through refurbishment Results (in m) stabilization phase 100% 75% 88.4% 94.3% 96.5% 98.2% 96.3% % Yield effect Rent effect 50% 71.7% 67.1% 62.3% 61.1% 56.6% Q3 2014Q4 2105Q1 2015Q2 2015Q3 2015Q4 2015Q1 2016Q2 2016Q3 2016Q Acquisition cost Public CAPEX Modernization CAPEX Total investment Current FMV Conversion to student and young professional accommodation resulted in 11.7m (+70%) value uplift generated mainly by operational improvements (80%) 16

17 HORIZON PORTFOLIO: FIRST STEPS AFTER TAKEOVER Integration and improvement started 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 Highlights / outlook 1) Horizon portfolio was 100% restricted units until the end of 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 ) 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%). New lettings confirm a strong reversionary potential 17

18 PRIVATIZATION ACTIVITIES ON TARGET Privatization results and outlook Sales profit Avg. sales price vs. portfolio value 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 /sqm Avg. portfolio value central locations Avg. sales price 1,700 2, % 2,270 3, % 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 potential # Units 1,957 4,142 1, Privatization portfolio Medium term potential Long term potential Total 109 units sold in year 2016 for an average sales price of 3,013 per sqm 18

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20 OVERVIEW OF BALANCE SHEET In m Dec 31, 2016 Dec 31, 2015 (Audited) (Audited) Investment properties 1 2,291 1,459 Other non-current assets 6 4 Non-current assets 2,297 1,463 Cash and cash equivalents Other current assets Current assets Total assets 2,562 1,670 Interest bearing loans Other liabilities Deferred tax liabilities Total liabilities 1, Total equity attributable to shareholders of the 1,462 company 786 Non-controlling interests 24 9 Total Equity 1, Total shareholder s equity and liabilities 2,562 1,670 EPRA NAV 5 1, No. of shares EPRA NAV per share Comments 1 The fair value of the portfolio was assessed by CBRE as of Dec 31, 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. 2 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. 3 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 interestbearing loans results from loans taken over with acquisitions and refinancing activity On April 21, 2016 we issued 3.5m new shares at per share, raising net proceeds of 98m. On September 14, 2016 we issued additional 5.6m new shares at per share, raising net proceeds of 195m. 5 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% 20

21 TOTAL PORTFOLIO VALUE: 2.3BN WITH FURTHER UPSIDE PORTFOLIO VALUATION 1 Central S-Bahn Ring S-Bahn Ring ( ) ( ) Fair Value ( m) ,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 CBRE market rent Avg. new letting rent (Q4 2016) Reversionary potential 69% 52% 36% 18% 16% 29% 1) Including condominium units with a fair market value of 47m which are held at a book value of 40m Total Rent multipliers Share of fair value (%) 27.8x 23.3x 16.5x 26.4x 22.1x 17.5x 22.8x 20.9x 16.4x 24.8x 21.8x 21.0x 21.2x 18.4x 17.7x 24.5x 21.1x 18.6x ( ) 28% Central 39% 6% Central S-Bahn Ring S-Bahn Ring ( ) ( ) Total S-Bahn Ring ( ) 15% S-Bahn Ring 12% Current rent CBRE market rent New letting rent New letting rents continue to imply further upside on current portfolio value 21

22 FAIR MARKET VALUE OF PORTFOLIO INCREASED BY 800 m, UP 55% COMPARED TO YEAR END 2015 Fair market value (in m) 1 : 451 2, Yield effect Rent effect 1,502 FMV 2015 Acquisitions CAPEX Privatization Revaluation FMV ) Including condominium units with a fair market value of 47m which are held at a book value of 40m Revaluation gain of our portfolio driven by 20% from our operational performance 22

23 EPRA NAV GROWING BY CLOSE TO 750M EPRA NAV (in m) EPRA NAV per share (in ) 451 1, Yield effect Rent effect Yield effect 2.09 Rent effect Growth of EPRA Net Asset Value per share mainly resulting from yield compression (34%) and operational performance (9%) 23

24 SOLID BALANCE SHEET WITH FIXED RATE FINANCING Key financing figures 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 Diversified funding profile with weighted average debt maturity of approx. 5.3 years Bank debt ( m) % 1.7% % 259 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 % 2.0% 1.0% 1.8% % Average interest rate 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 Interest rate and covenant development 43.6% 3.47x 31.4% 2.83x 2.3% 2.1% Avg. interest rate ICR LTV LTV target of around 45% 24

25 OVERVIEW OF PROFIT AND LOSS In m Year 2016 Year 2015 Q Net rental income Income from facility services Income from rental activities Cost of rental activities (16.8) (11.4) (4.4) Net operating income NOI from rental activities margin 86.2% 88.2% 86.5% Overhead costs (9.6) (5.9) (3.1) EBITDA from rental activities EBITDA from rental activities margin 74.9% 78.6% 73.1% Net result from privatization sales EBITDA total Financial cost interest bearing loans 4 (19.2) (17.7) (4.8) Financial costs shareholder loans 5 - (5.8) - Other net financial costs 6 (8.5) (0.7) 1.2 IPO related expenses - (0.4) - Depreciation & Amortization (0.4) (0.3) (0.1) EBT Comments 1 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%. Q reflects an annualized income from rental activities of 98m Strong rental growth supported by our investment strategy In % Jan 1 Dec 31, 2016 CAPEX 2.7% 3.8% Fluctuation 1.6% 2.7% Regular increases 1.7% 0.8% Total 6.0% 7.3% Jan 1 Dec 31, NOI margin was negatively impacted by the elevated maintenance levels during EBITDA from rental activities increased by 31%. Quarter-on-quarter growth was 3%. Q 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 4 Financing relies predominately on bank financing provided by German mortgage banks. The average interest rate amounts to 2.1% 5 Interest on loans from ADO Group which were all converted into equity at July 23, 2015 upon the completion of the IPO 6 Year 2016 includes mostly one-off refinancing costs and non-cash interest adjustments for acquired loans 25

26 OVERVIEW OF FFO In m Year 2016 Year 2015 Q EBITDA from rental activities Net cash interest (19.2) (17.7) (4.8) Current income taxes 2 (0.7) (0.1) (0.2) FFO1 (from rental activities) Maintenance capital expenditure 4 (8.8) (4.1) (4.5) AFFO from rental activities Net profit from privatizations FFO2 (incl. disposal results) FFO1 per share FFO2 per share Avg. number of shares 39,083 29,423 44,100 4 Maintenance and CAPEX In / per sqm Jan 1 Dec 31, 2016 Jan 1 Dec 31, 2015 Maintenance Capitalized maintenance Modernization CAPEX Total Comments 1 EBITDA from rental activities increased by 31% due to our strong 6% likefor-like rental growth and successful acquisitions. Quarter-on-quarter growth was 3%. The annualized Q4 figures represent an EBITDA of more than 68m. 2 Current income tax 2016 at more normalized level after the extraordinarily low rate in 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. 4 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. 5 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. 6 The FFO per share was negatively impacted by the high cash position during the year due to the capital raises in April and September

27 GUIDANCE 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 We update our year-end 2017 FFO1 run-rate to be at least 60m after investing our cash position of around 150m Average cost of debt improving below 2% with an LTV target of around 45% 4 We expect to privatize around 100 units p.a. 5 We target a dividend pay-out ratio of up to 50% of FFO1 Milastr. Prenzlauer Berg Lübecker Str. Mitte Horstweg Charlottenburg Transvaalstr. Wedding Selchower Str. Neukölln Kalischer Str. Wilmersdorf Sommerstr. Reinickendorf 27

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29 FINANCIAL CALENDAR 2017 May 02, 2017 May 03, 2017 May 17, 2017 Aug 17, 2017 Nov 15, 2017 Annual General Meeting Ex-Dividend date Publication Q1/2017 financial report Publication Q2/2017 financial report Publication Q3/2017 financial report Leibnizstr., Charlottenburg Bötzowstr., Pankow Ahornstr., Steglitz Gutenbergstr., Köpenick Putbusser Str., Wedding Schichauweg, Tempelhof 29

30 INFORMATION ON THE SHARE Share price development Shareholder structure ADO (Xetra) SDAX FTSE EPRA/NAREIT Germany 31/12/15 31/03/16 30/06/16 30/09/16 31/12/16 Free float 61.76% ADO Group 38.24% KEY DATA ON THE SHARES OF ADO PROPERTIES S.A. Stock exchange Market segment ISIN WKN Ticker symbol Frankfurt Stock Exchange Regulated market (Prime Standard) LU A14U78 ADJ Primary listing July 23, 2015 Total number of shares outstanding 44,100,000 Indices All data as of March 18, 2016 SDAX; FTSE EPRA/NAREIT Global Index; FTSE EPRA/NAREIT Developed Europe Index; FTSE EPRA/NAREIT Germany Index 30

31 PORTFOLIO VALUATION OVERVIEW OLD CLUSTERING PORTFOLIO Central North East South West Total VALUATION 1 Fair Value ( m) 1, ,326 Discount rate (%) 4.5% 5.1% 4.8% 4.7% 5.1% 4.7% Average in-place rent CBRE market rent Avg. new letting rent Reversionary potential 66% 13% 38% 27% 16% 29% 1) Including condominium units with a fair market value of 47m which are held at a book value of 40m 1,836 average value per sqm 1,386 W Spanda u Reinickendorf Charlottenbur g-wilmersdorf Steglitz- Zehlendorf 1,511 1,782 N S Pankow 2,249 Central Mitte Friedrichsh ain- Kreuzberg Neukölln Tempelhof- Schöneber g Marzahn- Hellersdorf Lichtenberg 1,934 E Treptow- Köpenick Building locations: Central Locations North East South West Rent multipliers Share of fair value (%) 27.6x 23.2x 16.6x 22.0x 19.1x 19.2x 23.9x 21.5x 17.2x 23.1x 20.9x 17.9x 21.5x 18.3x 18.0x 24.5x 21.1x 18.6x South 14% West 16% Central 45% Central North East South West Total Current rent CBRE market rent New letting rent East 10% North 15% Total portfolio value of 2.3bn with further upside 31

32 PORTFOLIO VALUATION OVERVIEW NEW CLUSTERS PORTFOLIO VALUATION 31/12/2016 Central S-Bahn Ring S-Bahn Ring ( ) ( ) Total Property value (in m) Number of units 5,507 1,613 2, ,768 17,701 Avg. In-place rent (in / sqm / month) Avg. New letting rent (in / sqm / month) 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 ( ) ( ) Total Property value (in m) ,502 Number of units 5,184 1,519 1, ,216 14,856 Avg. In-place rent (in / sqm / month) Avg. New letting rent (in / sqm / month) Tenant turnover (FY 2015) 10.4% 9.4% 11.4% 12.1% 7.1% 8.8% 32

33 ADO PROPERTIES S.A. 20 rue Eugène Ruppert L-2453 Luxembourg 33