BWO application of new IFRS 15 rules in Property Development starting in the 2018/19 financial year

• Outlook for Recurring FFO of EUR 150 million for FY 2018/19 based on the previous accounting rules confirmed
• In addition – expected positive impact on Recurring FFO of around EUR 30 million as a result of the new regulations required for BUWOG • At the same time, expected dilutive effect on Recurring FFO per share through the acquisition of around 12 million new BUWOG shares by majority shareholder Vonovia SE from the conversion of the convertible bond