Distribución profesional del empleo

The companies in our Group hold no patents. The following trademarks are currently registered at the German Patent and Trademark Office in Munich in favor of our Group:

k _{A word mark/logo “Deutsche Wohnen AG,” of July 17, 2009;}

k _{A word mark/logo “GEHAG Gruppe,” of May 21, 2007;}

k _{A logo of the “GEHAG Gruppe,” of May 21, 2007;}

k _{A word mark “KATHARINENHOF,” of March 1, 1999; and}

k _{A word mark/logo “KATHARINENHOF,” of August 6, 2001.}

The two most significant internet domains of our Group are: deutsche-wohnen.de, katharinenhof.net.

The companies in our Group hold no other significant intellectual property rights.

Employees

The following table contains a summary of the average number of employees (excluding management, trainees and employees on parental leave and partial retirement) of our Group in the nine months ended September 30, 2011, as well as in the 2010, 2009 and 2008 fiscal years, each subdivided by segment. The

average number of employees for 2008 and 2009 has been re-calculated on the basis of the same methodology applied for 2010.

Number of Employees by Segment

January 1 – September 30, 2011 January 1 – December 31, 2010 January 1 – December 31, 2009 January 1 – December 31, 2008

Residential Property Management and

Sales . . . 338 333 342 458

Nursing and Assisted Living . . . 895 905 880 839

Total . . . . 1,233 1,238 1,222 1,297

Since September 30, 2011, there has been no material change in the number of total staff. The decrease in the number of employees in the Residential Property Management and Disposals segments as of December 31, 2010 in comparison to December 31, 2008, is due to the restructuring which started in 2008 and the related reduction in headcount. The increase in the number of employees in the Nursing and Assisted Living segment (KATHARINENHOF Group) from 839 in 2008 to 895 as of September 30, 2011, is primarily due to the acquisition of additional facilities.

Works councils do not exist in any of our Group companies with the exception of KATHARINENHOF. Likewise, no entrepreneurial co-determination exists on the Supervisory Board of Deutsche Wohnen AG. Only KATHARINENHOF and GEHAG have a Supervisory Board that is constituted according to the German One-Third Employee Representation Act (Drittelbeteiligungsgesetz). Thus, one of the three Supervisory Board members of KATHARINENHOF and four of the twelve Supervisory Board members of GEHAG are employee representatives.

For historical reasons, there are different models of company pension plans for the former employees of our Group (prior to our acquisition of shares in GEHAG) and for the former employees of the GEHAG Group, whose contracts we took over and continued on an individual basis. The pension models have been continued on an individual contractual basis, because of various restructuring measures within the Group in the past. In the course of the restructuring measures, the existing operational structures were dissolved completely and transferred partly to new operational structures and partly to existing operational structures of various Group companies. No new employees are accepted into the pension plans.

We form employee benefit liability for obligations (pension, disability, widow/widower pension and orphan pension benefits) arising from deferred benefits and current benefits to eligible active and former employees and their surviving dependents. The expenses for the benefits granted as part of defined benefit plans are determined using the projected unit credit method. Actuarial profits and losses are recognized directly in retained earnings in the consolidated statement of recognized income and expense. Any retroactively calculated service cost is dispersed on a linear basis over the average period until vesting of the deferred benefit occurs. Insofar as pension rights are immediately vested upon implementation or modification of a pension plan, the retroactively calculated cost must be recognized immediately in the profit and loss statement.

In addition to payment of the legally required contributions to government pension insurance carriers, an additional retirement benefit plan exists according to the regulations for supplementary benefits in public service. This is due to the membership of one of the Group’s companies in the Bavarian chamber for social benefits and pensions (Bayerische Versorgungskammer). The supplementary benefits comprise a partial or full pension for reduction in earning capacity, as well as an old-age pension in the form of full pension or survivor pension. The contribution charged by the Bavarian chamber for social benefits and pensions (Bayerische Versorgungskammer) is set according to the remuneration of the employees subject to a supplementary pension. Accordingly, the Bavarian chamber for social benefits and pensions (Bayerische

Versorgungskammer) represents a common defined benefit plan for several employers, which is treated as a

defined contribution plan under IAS 19.30(a) because the Bavarian chamber for social benefits and pensions (Bayerische Versorgungskammer) does not provide sufficient information to treat it as a defined benefit plan.

Litigation

In the course of their business activities, companies of the Deutsche Wohnen Group are regularly parties to rental and warranty disputes, as well as labor law disputes, but none of these are material either individually or as a whole with regard to the financial situation or profitability of our Group. Except for the circumstances described below, no company of our Group is currently, or has been in the past twelve months, party to a government intervention, a court or arbitration proceeding or an administrative

proceeding (including those proceedings that are still pending or could be initiated to our knowledge) that could have a material effect on the financial situation or results of operations of our Group or has had such effect in recent times.

Ongoing Proceedings

DB Immobilienfonds 14 Rhein-Pfalz Wohnen GmbH & Co. KG initiated legal proceedings with a statement of claim dated January 29, 2010 with a value of the claim (Streitwert) ofS900.000. It concerns the agreement between Rhein-Pfalz Wohnen GmbH & Co. KG pursuant to which Rhein-Pfalz Wohnen GmbH guarantees the loan obligations of DB Immobilienfonds 14. The lawsuit is currently still pending.

The Company has filed a lawsuit against a subsidiary of Deutsche Bank Aktiengesellschaft, which was previously the dominating entity of the Company, in connection with alleged loss compensation claims (Verlustausgleichsanspru¨che) between 1999 and 2006 in the amount of approximatelyS 63 million based on a domination agreement between the Company and the defendant. The first instance court dismissed the claim on August 8, 2011. However, the company has filed an appeal (Berufung) in order to secure its legal position.

In connection with our EK 02 Inventories, Rhein-Pfalz Wohnen GmbH, Rhein-Mosel Wohnen GmbH, Sophienstraße Aachen Vermo¨gensverwaltungsgesellschaft mbH (formerly Sanierungs- und Gewerbebau GmbH), Aufbaugesellschaft der GEHAG mbH and Eisenbahn-Siedlungs-Gesellschaft Berlin mbH, a subsidiary of Deutsche Wohnen AG (“ESG”) have filed an objection to the lump-sum tax notices issued by the Tax Office. In addition, proceedings related to the continuation of the former legal situation (regarding the exercise of voting rights) are still pending on the basis of petitions by Rhein-Pfalz Wohnen GmbH, Rhein-Mosel Wohnen GmbH, Rhein-Main Wohnen GmbH, GEHAG and Aufbaugesellschaft der GEHAG mbH. On August 18, 2010 GEHAG filed with the finance court of Berlin-Brandenburg a test case (Musterprozess) for all former charitable (gemeinnu¨tzige) companies of our Group. The lawsuit is still pending. The objection filed by Rhein-Pfalz Wohnen GmbH, Rhein-Mosel Wohnen GmbH, Sophienstraße Aachen Vermo¨gensverwaltungsgesellschaft mbH (formerly Sanierungs- und Gewerbebau GmbH), Aufbau- gesellschaft der GEHAG mbH and ESG have been suspended with reference to the test case.

In the past, GEHAG Group companies participated in the design and creation of real estate funds (“GEHAG

Funds”). The funds business was operated by GEHAG Group companies until 2005. Due to this earlier

activity, investors in the closed-end real estate funds filed a total of approximately 160 claims for damages arising from prospectus liability against the initiators and founders of the funds, including GEHAG, the vast majority of which were dismissed or concluded without a payment obligation for GEHAG. Of these claims, approximately 20 suits are still pending at present. In connection with the GEHAG Funds business on which the suits are based, the former GEHAG shareholder HSH Real Estate AG issued a release agreement in favor of GEHAG, according to which GEHAG is indemnified for third-party claims arising from the funds business.

Concluded Proceedings

In 2010, several partners of DB Immobilienfonds 14 filed lawsuits with the regional courts of Mainz and Frankfurt am Main against Rhein-Pfalz Wohnen GmbH and Rhein-Main Wohnen Projekt GmbH for the payment of the purchase price of partnership interests offered by the claimants to the defendants. All proceedings have been settled (erledigt) either by judgment (Urteil), settlement (Vergleich) or mutual declaration of termination (u¨bereinstimmende Erledigterkla¨rung). In aggregate, the value of all claims amounted to a total of more thanS20 million.

Insurance

Our Group has purchased various operating insurance policies, which include, inter alia: pecuniary damage insurance; building and landowner insurance; environmental and environmental damage insurance; ope- rating and construction liability insurance; and property insurance policies, such as comprehensive operating insurance and building, group accident, electronics, infidelity, fire, burglary, water damage and storm insurance.

In addition, a D&O insurance policy is in force for the members of the Management Board and Supervisory Board. We consider our Group to be appropriately covered with regard to the nature of its business activities and the related risks in the context of the available insurance offerings and rates. However, it is impossible to exclude the possibility that our Group will incur damages that are not covered by its insurance policies or that exceed the coverage limits of these insurance policies. Moreover, there can be no guarantee that it will be possible for our Group to obtain adequate insurance coverage in the future.