PRESENTATION HALF-YEAR 2017 RESULTS 1 04/2017 Strictly confidential
DISCLAIMER NEITHER THE INFORMATION IN THIS DOCUMENT NOR ANY RELATED MATERIALS be placed on, the accuracy, completeness or fairness of the information or opinions MAY BE TAKEN OR TRANSMITTED INTO THE UNITED STATES OR DISTRIBUTED contained herein. None of the Lead Manager, Company or Asset Manager or any of their OR REDISTRIBUTED, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, respective members, directors, officers or employees nor any other person accepts any AUSTRALIA, CANADA OR JAPAN. liability whatsoever for any loss howsoever arising from any use of this Presentation or its contents or otherwise arising in connection with the Presentation. This presentation is strictly confidential to the recipient and has been prepared by Bank Vontobel AG (the “Lead Manager”), Stoneweg SA (the "Asset Manager") and Varia US Neither the Presentation nor any copy of it may be taken or transmitted into the United Properties AG (the "Company") solely for information purposes and use at the States of America, its territories or possessions, or distributed, directly or indirectly, in the presentation to the respective recipient ("Presentation"). By attending such Presentation, United States of America, its territories or possessions. Any failure to comply with this you agree to be bound by the following terms. restriction may constitute a violation of U.S. securities laws. The Presentation is not an offer of securities for sale in the United States. 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Although the Lead Manager, the Company and the information contained in the offering circular constituting an issuance prospectus in the Asset Manager believe that these assumptions were reasonable when made, these sense of art. 652a CO in the final form prepared by the Company (the “Offering Circular") assumptions are inherently subject to significant uncertainties and contingencies which and any other supplemental prospectus to be published in respect of the Offering. The are difficult or impossible to predict and are beyond its control, and the Company or the Offering Circular will include a description of the risks specific to the situation of the Asset Manager may not achieve or accomplish these expectations, beliefs or projections. Company and/or the offered Shares which are material for taking investment decisions. Neither the Lead Manager nor the Company nor the Asset Manager, nor any of its These risks must be considered carefully before making any investment decisions. The members, directors, officers, agents, employees or advisers intend or have any duty or information contained in this Presentation has not been independently verified. Neither obligation to supplement, amend, update or revise any of the forward-looking statements the Lead Manager, the Company nor the Asset Manager are under any obligation to contained in this Presentation. update or keep current the information contained herein. Accordingly, no representation or warranty or undertaking, express or implied, is given by or on behalf of the Lead The information and opinions contained herein are provided as at the date of the Manager, the Company, the Asset Manager or any of their respective members, Presentation and are subject to change without notice. directors, officers, agents or employees or any other person as to, and no reliance should 2 Strictly confidential
AGENDA SEPTEMBER 4, 2017 Key achievements Financials HY 2017 Portfolio and pipeline Outlook Q&A 3 Strictly confidential
TODAY’S SPEAKER MANUEL LEUTHOLD PATRICK RICHARD ■ ■ Chairman, Delegate of the Board of Varia US Properties AG Directors, Varia US Properties AG ■ Head of US Investments of Stoneweg SA, the Asset Manager of Varia US Properties AG 4 Strictly confidential
KEY ACHIEVEMENTS 5 04/2017 Strictly confidential
KEY ACHIEVEMENTS HALF-YEAR 2017 ■ Total income up 31.2% to USD 43.3 million – rental income up 50.4% to USD 26.2 million ■ Significant 50% rise in effective gross income to USD 28.4 million ■ Increasing portfolio: Value of property portfolio tops USD 500 million and consists of 47 properties ■ Gross potential income increased to USD 71.1 million ■ Sustainable portfolio development secures future income growth ■ Acquisition of 13 assets ■ Expansion of the number of assets to 47 properties spread in 17 different States in the US (three deals to be completed and closed in the ongoing third quarter) ■ Focus on investing and consolidation of the existing portfolio ■ Value-add strategy containing substantial rental increase and value improvement ■ Key differentiator in a market where the demand for housing exceed the existing offer 6 Strictly confidential
VARIA US PROPERTIES AT A GLANCE Geographic breakdown of Varia Properties as of June 30, 2017 ■ Total value of property portfolio of USD 508.1 million ■ 47 assets comprising 7,289 units spread in 17 different States in the US ■ 28.4% of the properties are located in Florida – reduction by 13% compared to the end of 2016. Texas is following with a proportion of 17.6% ■ Further diversification of the geographical exposure – all new acquisitions are located in markets where Varia was not yet present ■ Stronger composition of larger assets and assets closer to each other and closer to larger metropolitan areas 7 Strictly confidential
FINANCIALS HY 2017 8 04/2017 Strictly confidential
HY 2017 KEY FIGURES 1 Equals HY 2017 EGI divided by 2016 EGI/2 2 Calculated on the weighted average number of ordinary shares outstanding. 9 Strictly confidential
CONSOLIDATED STATEMENT OF PROFIT AND LOSS Period from Sept. 28, 2015 In USD million As of June 30, 2017 through Jun. 30, 2016 Rental income 26.2 17.4 Other income 2.1 1.4 Bargain on purchase of subsidiary - 4.2 Net gain from fair value adjustment on invest. property 14.9 10.0 Total income 43.3 33.0 Total operating expenses 18.2 19.8 Operating profit 25.1 13.2 Profit before income tax 20.4 8.5 Profit for the period 15.0 6.5 Profit attributable to: Varia US Properties AG shareholders (in USD million) 12.2 2.9 Non-controlling interests (in USD million) 2.8 3.6 Net asset value per share (in USD) 34.03 32.46 Basic and diluted earnings per share (in USD) 1.83 1.39 calculated on the weighted average number of ordinary shares outstanding 10 Strictly confidential
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