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LEG Immobilien CEO Thomas Hegel To Step Down; Confirms 2019 And 2020 Outlook

LEG Immobilien said that its supervisory board appointed Lars von Lackum (currently Chief Digital Officer, 43) as Chief Executive Officer with effect from 1 June 2019. At the same time, the Supervisory Board and Thomas Hegel (who turns 63 in April), CEO of LEG Immobilien AG, agreed that Hegel will step down from the Management Board at
the end of the next Annual General Meeting on 29 May 2019.

After 13 years at the head of the company, Thomas Hegel agreed this early internal succession in close consultation with the Supervisory Board. He will remain available to the company as an advisor in key areas and will actively support the succession process.

At its meeting today, the Supervisory Board has appointed Volker Wiegel (42) to the
Management Board as COO for a term of three years starting on 1 June 2019.

Since 2013, Dr. Volker Wiegel, a lawyer and economist, worked at LEG Immobilien AG as General Counsel and established the Legal, Structure and Organisation department, which is primarily responsible for the ongoing development of operational processes. Prior to joining LEG, Dr. Volker Wiegel worked for the international law firm Sullivan & Cromwell LLP.

The responsibilities of Eckhard Schultz (54) as Chief Financial Officer and Deputy Chairman of the Management Board remain unchanged.

".. We expect our stable, sustainable growth to continue in the coming years," commented Thomas Hegel, CEO of LEG Immobilien AG.

Substantial growth in FFO I Funds from operations (FFO I), a key performance indicator for the company, amounted to EUR 318.6 million in 2018, thereby increasing by a substantial 7.9% year-on-year. FFO I per share was rising accordingly by 7.9% year-on-year to EUR 5.04 on an unadjusted basis.

Based on the positive business performance and the planned increase in the distribution ratio from 65% to 70% of FFO I starting from the 2018 financial year, the Management Board and Supervisory Board will propose a dividend of EUR 3.53 per share to the Annual General Meeting. This corresponds to an increase of 16.1% on the previous year (EUR 3.04 per share).

LEG confirmed its outlook for FFO I of between EUR 338 million and EUR 344 million in 2019 and between EUR 356 million and EUR 364 million in 2020. This does not take
account of any effects from potential acquisitions and disposals.

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