NOTICE TO BONDHOLDERS

LEG Immobilien AG announces the exercise of its option to redeem its EUR 300 million 0.50 per cent Convertible Bonds due 2021

Düsseldorf, 2 September 2019: LEG Immobilien AG, Düsseldorf, (the "Company") issued EUR 300 million 0.50 per cent Convertible Bonds due 2021, ISIN DE000LEG1CB5, WKN LEG1CB (the "Bonds") on 10 April 2014. The Company hereby exercises its option to redeem for cash all the Bonds outstanding in accordance with § 5(b) of the Terms and Conditions of the Bonds on 4 October 2019 (the "Redemption Date"). The Share Price of the LEG Shares on XETRA was equal to or exceeded 130 per cent of the prevailing Conversion Price of EUR 51.5315 per Share on not less than 20 Trading Days during the period of 30 consecutive Trading Days from and including 22 July 2019 to and including 30 August 2019.

This notice of early redemption is being published in accordance with § 14 of the Terms and Conditions of the Bonds.

The Conversion Period ends, in accordance with § 1(d) of the Terms and Conditions of the Bonds, on 27 September 2019 at 4.00 p.m. (Frankfurt time). To the extent the Bonds have not been converted prior to the end of the Conversion Period, the Company will redeem the Bonds at their Principal Amount plus accrued interest on the Redemption Date. The Company does not intend to make any Cash Alternative Election in respect of conversions of the Bonds.

Disclaimer

This announcement does not constitute an offer to sell securities of LEG Immobilien AG in any jurisdiction.

This announcement and the information it contains are not being issued and may not be distributed in the United States of America. This announcement does not constitute an offer of securities for sale in the United States of America or to, or for the account or benefit of, any U.S. person or in any other jurisdiction. The securities referred to in this announcement have not been, and will not be, registered under the U.S. Securities Act of 1933 (as amended), and may not be offered or sold in the United States of America or any other jurisdiction absent registration or an applicable exemption from registration.