DGAP-Adhoc

Deutsche Wohnen AG to (i) issue new convertible bonds, (ii) solicit offers from investors to sell to Deutsche Wohnen AG outstanding convertible bonds and (iii) to launch cash capital increase

DGAP-Ad-hoc: Deutsche Wohnen AG / Key word(s): Corporate Action Deutsche Wohnen AG to (i) issue new convertible bonds, (ii) solicit offers from investors to sell to Deutsche Wohnen AG outstanding convertible bonds and (iii) to launch cash capital increase 21-Feb-2017 / 18:09 CET/CEST Disclosure of an inside information acc. to Article 17 MAR, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. Deutsche Wohnen AG to (i) issue new convertible bonds, (ii) solicit offers from investors to sell to Deutsche Wohnen AG outstanding convertible bonds and (iii) to launch cash capital increase

Not for release, publication or distribution in or into the United States,
Canada, Australia, Japan or any other jurisdiction in which offers or sales
would be prohibited by applicable laws.

Frankfurt/Main and Berlin, 21 February 2017. Deutsche Wohnen AG ("Deutsche
Wohnen" or the "Company") concurrently launches the issue of EUR 800
million convertible bonds maturing in July 2024 ("New Convertible Bonds"),
solicits offers from investors to sell to Deutsche Wohnen AG the
outstanding convertible bonds due November 2020 ("Convertible Bonds Tender
Offer") and launches a capital increase against cash contribution with the
intention to generate gross proceeds in the amount of approximately EUR 500
million ("Capital Increase"). The shares from the Capital Increase and the
shares underlying the New Convertible Bonds amount together to almost 10 %
of the registered share capital of the Company.

New Convertible Bonds

Today, the management board of Deutsche Wohnen, with approval of the
supervisory board, resolved to issue New Convertible Bonds with an
aggregate principal amount of EUR 800 million, maturing July 2024. The New
Convertible Bonds are convertible into newly issued or existing Deutsche
Wohnen bearer shares with no par value or can be repaid in cash. The
shareholders' preemptive rights are excluded.

The New Convertible Bonds will be issued at 100 % of their nominal value
with a denomination of EUR 100,000 per convertible bond and - unless