Roadshow Presentation

August / September / October 2021

René Parmantier, CEO / Udo Giegerich, CFO / Dr. Kai Klinger, CMO

2

Disclaimer

This presentation contains forward-looking statements that are subject to various risks and uncertainties. Such statements are based on a number of assumptions, estimates, projections or plans that are inherently subject to significant risks, as well as uncertainties and contingencies that are subject to change.

Actual results can differ materially from those anticipated in the forward-looking statements of CORESTATE Capital Holding S.A. (the “Company”) as a result of a variety of factors, many of which are beyond the control of the Company, including those set forth from time to time in the Company’s press releases and reports and those set forth from time to time in the Company’s analyst and investor calls and discussions. The company does not assume any obligation to update the forward-looking statements contained in this presentation.

This presentation does not constitute an offer to sell or a solicitation or offer to buy any securities of the Company, and no part of this presentation shall form the basis of or may be relied upon in connection with any offer or commitment whatsoever. This presentation is being presented solely for information purposes and is subject to change without notice.

€ = Euro;

$ = (US)Dollar;

% = percentage;

a = actual;

acc. = according;

adj. = adjusted;

aggr. = aggregated;

approx. = approximately;

c(a) = circa;

e = expected;

(F)Y = (financial) year(s);

H = half year(s);

i.a. = inter alia

LTM = last twelve months;

M = month(s);

Q = quarter(s);

k = thousand(s);

m = million(s);

bn = billion(s)

Glossary

3

A Fully Integrated and Specialized Real Estate Investment Manager

€ >27bn Assets underManagement

> € 3bnDeal Pipeline in

RE Debt & Equity

BB- (stable)

Corporate CreditRating

~800 FTEs | 45 Offices | 9 Countries

c € 1.3bn Fund Volume in Real Estate

Mezzanine

>40% *

EBITDA Margin

* mid-point financial outlook 2021

4

Strong Support from Macro Environment and Mega TrendsK

ey M

ark

et D

rive

r ▪ Increasing investment pressure (esp. on pension schemes and insurers) driven by interest rate environment and demographic changes

▪ Mega trends: urbanization, digitalization and sustainability

▪ Scale matters on regulatory and client needs

▪ One-stop shop with > € 27bn AuMs and

integrated offering of AM, Fund Mgt. and PM

▪ Long-standing track record as IM through the

entire RE life cycle and over all risk profiles

▪ Leading position in selected niche markets

(student housing, city quarters, B-Cities)

▪ Commercialized ESG approach

▪ Constraints in bank credits on higher risk profiles (regulation even fostered by corona)

▪ Thriving RE transaction market with broad demand for specialized financing solutions

▪ Increasing allocation to private debt funds from institutional investors

R e a l E s t a t e D e b t R e a l E s t a t e E q u i t y

USP

& S

tren

gth

s

Comprehensive cross-selling synergies on products, clients and investors

▪ Leading RE financing platform in DACH

▪ By far largest RE mezzanine fund at HFS

▪ Outstanding debt advisory and structuring

capabilities with focus on small/mid size

tickets at AFS

5

Enhanced Real Estate Debt Offering for our Clients to go with our Diversified Product Line-up

Retail(>70.000)

Clients /Investors

Semi Institutional (>300)

Institutional(>100)

Equity Product Range

IntegratedPlatform

Significant underallocation to (German) Real Estate: >70% of institutional investors plan to increase exposure to real estate by 20262

Products

Return1

On

e-St

op

-Sh

op

3.5%–4%

Office

3.5%-4.5%

Residential *Senior Loan

4%-6%

Logistics

5%–5.5%

Micro Living

10%–13%3.5%–5%

City Quarters

\

1 After costs. The returns are based on average performance from the past. All figures are preliminary and only represent forecasts that are not guaranteed; 2 Client Survey as of 2021.

Fundraising, Reporting, Risk Management, Financing etc.

Asset & Property Management

Debt Advisory and

Structuring

Fee Based3%–5% 5%–7%

Debt Product Range

*Whole Loan

Mezzanine

Corestate Bank balances our equity range and helps expand our debt business

6

Management Board Aligned

Members of the Management Board1,2

Sebastian Ernst (Chief Debt Investment Officer)Private Debt & DCM

René Parmantier (CEO)Corporate Strategy, M&A, Equity Raising, Investment Management

Udo Giegerich (CFO)Investor Relations, Accounting, Tax, Controlling, Treasury

Johannes Märklin (Chief Debt Financing Officer)Private Debt & Structuring

1) Further information and full CVs on our website2) Structured search process for COO initiated

▪ Highly engaged and long-term committed management team

▪ c 10% of company’s shares owned by senior management

7

Highlights of Q2-2021

Real Estate Debt

▪ Tailwind from CORESTATE

Bank and booming market

▪ Well-filled pipeline for H2

Real Estate Equity

▪ Within budgets

▪ Upswing in H2

Other Segments

▪ Stability in valuations

reached

Company very well

on track to deliver

on financial outlook

2021

Strong performance with

dynamic revenue and

earnings growth

in Q2

Strategic trans-

formation is already

paying off

Net debt reduction

on schedule with

leverage target of 3x

G e n e r a l O p e r a t i o n s O u t l o o k

New management

team established,

COO vacancy to be filled

8

Logistic/other

Micro Living

Office

Retail

Residential

non Real Estate

FY-2019FY-2018FY-2017FY-2016

Assets under Management

H1-2021

24.3bn RE

26bn 25bn

+10%

+28%

3bn

22bn

+440%

28%

21%

33%

11%

7%

27.4bn

+8%

22.8bn 20.7bn

16.2bn

3.1bn non-RE

Sourcing Pipeline

Corestate’s Assets under Management on Record High

3.2bn

€ 24.3bn

FY-2020

27.8bn

24.6bn

RE Equity AM 47%

RE Debt27%

Third-Party Property Mgt.

26%

▪ RE Debt with mezzanine financing pipeline

of c € 500m (project volume > € 2bn)

▪ RE Equity sourcing pipeline in advanced

status of c € 1.6bn (46% LoI/54% exclusivity)

▪ Slight reduction of RE AuMs to € 24.3bn mainly due to

termination of a large micro-living development projects

▪ Non-RE AuMs went down as planned to € 3.1bn

9

▪ Robust pipeline: c € 1bn of already mandated

financings or projects in preparation

▪ Private debt market shows strong fundamentals

▪ CORESTATE Bank hit the ground running: closing of

record financing in June (project Fürst, Berlin € > 1bn)

CORESTATE Bank – High Profitability in a Dynamic Environment

B a n k

▪ Closing in May

▪ Rebranding and integration completed

.. backed by a prosperous

environment ..

A veryefficient deal execution ..

.. drivesoperational

outlook ..

▪ Strong synergies: new clients, enlarged and

supplementary product range

▪ Early stage project involvement enables follow-up

deals and cross selling opportunities

.. and shapesground for

growth in RE Equity

10

147

95

49 3649 27 51

14

170

290

154 127

54

Residential

Commercial

RE Mezzanine – Strong First Half Driven by Unchanged Demand

Regional Break Down of Outstanding Financings (in m€)

Uses of HFS/Mezz Funds at the End of H1-2021

> 70% of lending volume

goes to Top7 cities in Germany

▪ Total fund volume: c € 1.3bn

▪ # of financed projects: 45

▪ Ø size of mezzanine financing: c € 28m

▪ c 70% in residential/city quarter projects (c 30% commercial)

▪ Focus on Germany´s large cities

▪ 26 different borrowers

(largest single exposure ≤ 20%)

11

▪ Steady business in Core/Core+ products with seasonal pick-up through the year

▪ Reduced fee income from micro-living developments

▪ Impressive new business at Corestate Bank

▪ HFS with increasing CPF in Q2

▪ Bridge lending will go down in H2

▪ Q2 without further Covid driven valuation effects

Revenue Split-up for H1-2021in m€ (H1-2020)

Income Lines Shows Strong Recovery from Pandemic

1) Coupon Participation Fees (performance share from mezzanine funds) in H1: € 22.2m

Income from Bridge Loans

Acquisition & Sales Fees

Underwriting & Structuring Fees

Income from Other Segments

Aggr. Revenues

Asset and Property Mgt Fees

RE Debt Asset Mgt Fees & CPF 1)

RE Equity

RE Debt

7 (5)

3 (7)

35 (37)

28 (6)

31 (35)

10 (4)

113 (96)

12

H1-2021 H1-2020

Aggr. revenues 112.6 95.6

Expenses from RE Equity -46.8 -41.8

Expenses from RE Debt -7.1 -4.1

Expenses from other segments -5.0 -11.8

G&A expenses -23.8 -16.5

Other Income 4.7 4.5

EBITDA 34.7 25.9

Adjusted EBITDA 39.5 25.9

D&A -17.1 -16.3

EBIT 17.5 9.6

Financial result -9.7 -9.2

Income Tax expenses -7.4 0.1

Net profit 0.5 0.4

Adj. net profit 15.1 11.4

Profitability Partially Affected By Seasonality and Extraordinary Items

▪ OpEx ratio of c 52% (€ 58.9m) driven by

seasonality and underlying fix cost base as well

as extraordinary transformation costs on

business enhancement in RE Equity segment

▪ G&A includes one-off expenses from M&A and

new strategic setup

▪ Substantial progress on profitability to (adj.)

EBITDA margin of 35%

▪ D&A with consolidation effects from AFS

▪ Higher tax expenses from limited usability of

international tax loss carry forward within group

▪ Adjustments

− M&A related expenses € 4.8 m (AFS)

− Depreciation of € 13.1m on PPA related

intangibles (e.g. AM contracts)

− DTA € -3.3m

Key P&L Figures H1-2021

in m€

OpEx

13

Debt Overview at the End of H1-2021in m€

Key Balance Sheet Figures

▪ Strong focus on net debt reduction in H2

− Q3-2021: > € 50m (repayments from bridge lending, cash conversion)

− Q4-2021: > € 180m (deconsolidation of Giessen, further placements and repayments)

− Further > € 60m in 2022 from co-investments

▪ Financial leverage H1-2021 LTM3) significantly impacted by one-off items from FY2020

− Year end ambition of 3x confirmed

− Mid-term target range of between 2x and 3x

1) Total financial debt adjusted for leasing liabilities of € 28m2) Incl. restricted cash3) Adjusted EBITDA LTM as of End of June 2021 at € 30.3m

Convertiblebond

Seniorbond

Bank & other debt

(incl. € 58m in warehousing

debt)

127

297

196

557

Cash2)Total Debt1)

620 63

Net Debt

~ 120 bridge lending (short-term fin. instr.)

90-130 placements/cash conversion from balance sheet assets

< 320 net debttarget in 2021

Debt Reduction Sources

14

CORESTATE on Very Good Path to Deliver on Guidance

Financial Outlook 2021 Confirmed3)

▪ Already vibrant signs of a recovering transaction market with catch-up effects

▪ Positive impact from advanced product range, pipeline and new sales set-up

▪ Continuously strong contribution of HFS and CORESTATE Bank

Aggr. Revenues

€ 235-260m

adj. EBITDA4)

€ 90-115m

adj. Net Profit4)

€ 50-75m

Positive Outlook in H2-2021

Revenue Split-up for FY-2021 with Minor Shifts Between Segments(in m€)

Income from other Segments

Acquisition & Sales Fees

Asset & Property Management Fees

Aggr. Revenues

106 80-90

15-30

5-20

Underwriting & Structuring Fees 1) 35-45

80-90

Asset Management Fees & CPF 2)

235-260

RE

Deb

tR

E Eq

uit

y

3) The outlook takes into account the currently foreseeable impact of the COVID-19 pandemic on the business activities and the economic environment of the company4) Expected adjustments: € 5-10m one-off expenses related to AFS acquisition, € 20-25m depreciaton of PPA related intangibles and corresponding DTAs

1) Incl. HFS underwriting fees, AFS structuring fees and new issue profits

2) Incl. HFS asset mgt. fees, Coupon Participation Fees, mezzanine lending and AFS trading results

Appendix

16

Acquisition (Plot/Project)

RE Debt Segment Covers the Entire Investment Life Cycle and Enables a Unique Eco System in Combination with the RE Equity Segment

Mezzanine Funds (€ 1.3bn) target FY21/22 >1.5bn→ Underwriting, AM, Performance Fees, Bridge Lending

Whole Loan Fund target FY21/22 c € 400m → Underwriting, AM, Performance Fees

Building Permission Pre/Forward Sale Completion/AM/PM

Integrated Value Chain Approach Secures Strong Synergies Between Products and Clients

Pro

du

cts

The Q, Nuremberg (>300m City Quarter development)

− Mezz financing by HFS

− Forward sale to BVK (H2-2020) and asset manager mandate

Rec

ent

Exam

ple

s Weitblick 1.7, Augsburg (85m Core Office development)

− Mezz financing by HFS

− Forward sale to institutional investor (H1-2021) and mandate as asset manager

N e a t l e s s c o o r d i n a t i o n a n d e f f e c t i v e i n t e r n a l s e t u p

Bank Investment Management

R E D e b t S e g m e n t R E E q u i t y S e g m e n t

Structuring Fees & Trading Income

Comprehensive RE Financing Platform▪ Structuring of secured financings ▪ Placement and brokerage services▪ Issuance and secondary trading

Other Debt Instruments → Senior/Whole Loan, Bond; Schuldschein(Promissory Notes)

Sale followed by Fund and Property Management▪ Transaction Fees▪ AM & PM Fees

Ret

urn

& R

isk

Len

gth

of

Len

din

g

17

Germany 67%

UK 15%

BeNeLux8%

France6%

Austria &Switzerland

2%

others 2%

RE AuM€ 24.3bn

Pension Funds 34%

Other inst.Investors 15%

Insurance companies7%

Banks5%

Private Equity 13%

Family Offices 11%

Retail 7%

Alignment3%

Other5%

RE AuM€ 24.3bn

Countries (RE AuM) Funds structures (RE AuM)Clients (RE AuMs)

Appendix: Breakdown RE AuM

Separate accounts

48%

Closed ended funds 21%

open ended funds 10%

JVs 5%

Other16%

RE AuM€ 24.3bn

Core 53%

Core+ 35%

Value-add4%

Opportunistic9%

RE EquityAuM

€ 16.8bn(Standing Assets)

Real Estate equity43%

Real Estate debt24%

Non Real-Estate11%

3rd Party Property Mgt

22%

AuM€ 27.4bn

Standing assets95%

Under construction

5%

RE Equity AuM

€ 17.7bn

AuM Distribution Completion/Status(RE Equity AuM)

Risk Classes (RE standing AuM)

18

Appendix: Maturity, Risk Segment, Asset Classes Profile

Core/Core+ 88%

Value-Add / Opportunistic

12%

RE EquityAuM

€ 16.8bn

Office 35%

Micro Living 31%

Retail12%

Residential12%

Logistics et al 10%

AuM€ 14.8 bn

Asset Classes in Risk SegmentValue-Add/Opportunistic

Asset Classes in Risk Segment Core/Core+

AuM Risk Cluster(Standing Assets)

4,1

2,6 2,61,8

3,5

8,7

2021 2022 2023 2024 2025-2029 2030 and beyond

Core/Core+ Value-Add/Opportunistic

RE Equity AuM (€ 16.8bn) Maturity Profile & Risk Segments (in €bn)

Relatively high portion of property management contracts running out but being renewed regularly

Office 45%

Logistics 28%

Retail15%

Micro Living12%

AuM€ 2.0 bn

19

(€ m) H1 2021 H1 2020

Revenue from Acquisition Related Fees 4.7 5.6Revenue from Asset Management Fees 18.5 22.1Revenue from Property Management Fees 16.0 15.2Revenue from Sales and Promote Fees realised 2.0 (0.2)

Total Revenue from Real Estate Equity 41.2 42.8

Total Expenses from Real Estate Equity (46.8) (41.8)

Total Earnings from Real Estate Equity (5.7) 0.9Revenue from Underwriting and Structuring Fees 27.7 6.4Revenue from Asset Management Fees 8.5 10.2Revenue from Performance Fees 22.2 24.9Income from Bridge Loans 10.0 4.1

Total Revenue from Real Estate Debt 68.4 45.7Total Expenses from Real Estate Debt (7.1) (4.1)Total Earnings from Real Estate Debt 61.3 41.5

Income from Rental Income and Service Charges 3.2 2.8Net Gain from Selling Warehousing Assets (0.1) (0.5)Share of Profit or Loss from Associates and Joint Ventures 1.0 (3.8)Dividends from other Alignment Capital 1.8 5.8Gains/Losses from fair value measurement of financial instruments related to Real Estate

(2.8) 3.0

Total Income from Other Segments 3.1 7.2Total Expenses from Other Segments (5.0) (11.8)Total Earnings from Other Segments (1.9) (4.5)Other Income 4.7 4.5G&A (23.8) (16.5)EBITDA 34.7 25.9D&A (17.1) (16.3)Net Financial Result (9.7) (9.2)Income Tax Expense (7.4) 0.1Net Profit 0.5 0.4

Appendix: H1 2021 Profit & Loss Statement

20

(€ m) 30 June 2021 31 Dec 2020

Non-Current Assets

Goodwill 642.9 577.7

Other Financial Instruments 159.1 153.9

Intangible Assets 154.5 87.8

Investment in Associates and Joint Ventures 123.2 120.8

Other Non-Current Assets 113.2 116.3

Total Non-Current Assets 1,192.9 1.056.6

Current Assets

Inventories 79.8 73.8

Cash and Cash Equivalents 47.2 68.2

Other Current Assets 302.3 266.5

Total Current Assets 429.3 408.5

Total Assets 1,622.8 1,465.0

Total Equity 821.5 688.5

Long-term Financial Liabilities to Banks / Bonds 497.2 495.6

Other Long-term Financial Liabilities 29.7 29.3

Other Non-Current Liabilities

(sum, incl. other non-current Liability positions)46.7 23.9

Total Non-Current Liabilities 573.6 548.8

Current Liabilities

Short-term Financial Liabilities to Banks 68.9 68.7

Other Short-term Provisions 8.3 10.1

Other current Financial Liabilities 52.1 42.0

Other Current Liabilities

(sum, incl. other current Liability positions)98.4 106.9

Total Current Liabilities 227.2 227.7

Total Equity and Liabilities 1,622.3 1,465.0

Appendix: Balance Sheet as of 30 June 2021

21

(€ m) H1 2021 H1 2020

Depreciation/write-ups of non-current assets 17.1 16.3Changes in receivables and other assets that are not attributable to investing activities

(26.8) (17.4)

Changes in liabilities that are not attributable to financing activities (13.8) (20.7)

Investment in Associates and Joint Ventures 123.2 120.8

Income taxes paid (7.5) (9.6)

Sum of other line items in cash flows from operating activities (6.9) 1.6

Net cash flows from operating activities (20.3) (20.2)

Payments for the acquisition of subsidiaries net of cash acquired 7.5 (19.7)

Sum of other line items in cash flows from (used in) investing activities (1.2) (3.5)

Net cash flows generated from / (used in) investing activities 6.3 (23.2)

Repayment of lease liabilities (2.7) (2.6)

Repayment of loans and borrowings (3.4) (2.8)

Interest paid (8.2) (7.9)

Sum of other line items in cash flows from financing activities 0.6 6.1

Net cash flows used in financing activities (13.8) (7.2)

Cash and cash equivalents at beginning of period 91.2 105.8

Net increase in cash and cash equivalents (27.8) (50.6)

Cash and cash equivalents at end of period 63.3 55.2

Appendix: Cash Flow Statement as of 30 June 2021

22

€ 17 € 15 € 14.5

€ 38

€ 14

€ 27

€ 20€ 15

Appendix: Shareholder Structure and Research

Average Target Price € 20.1

15 Jan 2021 13 May 2021 19 May 2021

Buy/Add

Hold

Sell

11 Aug 2021 20 May 2021 11 Aug 202110 Sept 2020

Shareholder Structure (acc. to latest public filing)

26 Mar 2021

Passiva Participations / Aggregate Holdings 2

19.7%

Shares held by

management*

9.7%

Vestigo7.4%

Free Float(acc. to Dt. Börse)

70.6%

Number of shares34,193,808

* Shares held by management (i.a.)

▪ René Parmantier: 753,000

▪ Sebastian Ernst: 1,281,000

▪ Johannes Märklin: 1,275,000

Dr. Kai G. Klinger

Chief Markets Officer

Phone: +49 69 3535630-106

ir@corestate-capital.com

Investor Contact

Please note that this date may be subject to change

IR Contact and Financial Calendar 2021

24 February

24 March

19 May

28 June

11 August

10 November

Financial Calendar 2021

Publication preliminary results for FY 2020

Annual financial report 2020

Publication results for Q1

Annual General Meeting

Publication results for H1

Publication results for first nine months