France Offices

CAPITAL MARKETS DAY

FRANCE OFFICES

PARIS 7 NOVEMBER 2019 AGENDA OF THE DAY

MORNING – 10:00 am to 12:00 pm Presentation on Covivio France Offices strategy

Lunch - 12:00 pm to 1:00 pm

AFTERNOON – 1:00 pm to ~3:30 pm Asset tour in Paris CBD, Paris 17th North & Levallois End of the asset tour in Porte Maillot (metro line 1, RER A, taxi)

CMD 2019 2 SUMMARY OF THE PRESENTATION

I. INTRODUCTION 05 Christophe KULLMANN, CEO II. GREATER PARIS OFFICE MARKET 19 Charles BOUDET, CEO JLL France & Virginie HOUZE, Head of Research JLL France

III. COVIVIO FRANCE OFFICES STRATEGY 21 Olivier ESTEVE, Deputy CEO ; Marielle SEEGMULLER, Operations Director ; Laurie GOUDALLIER, Chief Digital Officer

III-A. DEVELOPMENT PIPELINE 21 III-B. CLIENT-ORIENTED STRATEGY 55

IV. KEY TAKEWAYS 87 V. ASSET TOUR 89 VI. APPENDIX 108

CMD 2019 3 TODAY’S PRESENTATION OBJECTIVES

FOCUS ON FRANCE OFFICES & DEVELOPMENT PIPELINE

1 Our portfolio has a significant growth potential

2 Our development pipeline will deliver solid revenue & value growth

3 Our portfolio will fuel this pipeline in the short & medium term, especially in Paris

We are broadening our client-focused approach with new services & digital transformation… 4 … which will deliver strong & resilient operating results

CMD 2019 4 I. INTRODUCTION

THE SUCCESS OF OUR BUSINESS MODEL INTRODUCTION TO THE OFFICES STRATEGY COVIVIO, A DIVERSIFIED SPECIALIST A €23 BN1 INTEGRATED PORTFOLIO BUILT ON 3 STRATEGIC PILLARS

DIVERSIFIED BY ACTIVITY2

FOCUS ON MAJOR 1 EUROPEAN CITIES OFFICES RESIDENTIAL HOTELS €10.9 bn €6.1 bn €5.4 bn % % % DEVELOPMENT 57 26 15 2 PIPELINE And <2% non-strategic

DIVERSIFIED BY GEOGRAPHY2 CLIENT 3 FOCUSED 43% 30% 21% 6%

1 €16 bn Group share CMD 2019 2 Breakdown in Group share 6 A SUCCESSFUL BUSINESS MODEL / SUSTAINABLE HIGH OCCUPANCY AND LONG LEASES

7.3 7.2 7.1 7.0 6.6 6.4 6.1 6.0 5.8 5.8 years on 5.5 average

97.1% 98.0% 98.1% 97.9% 94.8% 95.8% 95.5% 96.0% 96.3% 96.7%

96.6% on average

2010 2011 2012 2013 2014 2015 2016 2017 2018 Q3 2019

Occupancy rate Firm average lease length

CMD 2019 7 A SUCCESSFUL BUSINESS MODEL / EXCELLENT TRACK RECORD ON THE DEVELOPMENT PIPELINE

2010-2019 10 YEARS OF SUCCESSFUL DEVELOPMENT PROJECTS

61 €2.4 BN 96% PROJECTS DEVELOPMENT COST1 OCCUPANCY IN THE YEAR OF THE DELIVERY 480,000 m² OF OFFICES % 2,870 HOTEL ROOMS 7 30% YIELD ON COST VALUE CREATION AT DELIVERY

1 CMD 2019 €1.6 bn Group share 8 I. INTRODUCTION

THE SUCCESS OF THE BUSINESS MODEL INTRODUCTION ON THE OFFICES STRATEGY COVIVIO OFFICES STRATEGY

1 2 3

HIGH-QUALITY STRONG ENHANCING PORTFOLIO DEVELOPMENT OUR CLIENT-FOCUS PIPELINE

CMD 2019 10 1 - A HIGH-QUALITY, WELL LOCATED OFFICES PORTFOLIO

€10.9 bn €9.0 bn Group share

Attractive locations in France, Italy & Germany… …focused on dynamic markets

% LOCATED IN1 95 Rent increase for new space in Greater Paris, Milan & Berlin PARIS €2.2 bn Group share % GREATER PARIS +6 2 €2.6 bn MILAN BERLIN per year on average since 2015 & €2.2 bn & €0.2 bn MAJOR FRENCH CITIES €0.7 bn Lyon, Bordeaux, Marseille, Lille

1 Excluding Telecom Italia portfolio, leased for 11 years CMD 2019 2 Economic rent on new space in Greater Paris & prime rent in Milan and Berlin 11 Sources: CBRE, JLL FRANCE OFFICES PORTFOLIO / DYNAMIC LOCATIONS WITH POTENTIAL

Portfolio 96% in strategic locations Strong development pipeline

Paris (38%) 1.6 million m² 750,000 m² Major business districts in Greater Paris (45%) of offices of redevelopments & new constructions

€6.8 bn €4.7 bn €5.7 bn of projects Group share

& major French cities (13%) (Lyon, Marseille, Bordeaux, Lille)

CMD 2019 12 ITALY OFFICES PORTFOLIO / FOCUS ON MILAN

Portfolio 90% in Milan1 Strong development pipeline

1.6 million m² M3 170,000 m² of offices of redevelopments & new constructions Bicocca

M2 M1 Certosa Maciachini

Porta Nuova City Life M5 Semi-centre Lambrate / Forlanini CBD €3.9 bn M4 €0.8 bn Lorenteggio Centre Linate €3.2 bn Airport of projects Group share Navigli Ripamonti

Periphery 24% 56% Center & CBD & Porta Milanofiori Semi-Center Nuova

Rental portfolio 20% Periphery Developments

1 CMD 2019 Excluding Telecom Italia portfolio, leased for 11 years 13 ACCELERATING IN OFFICES IN GERMANY (1/2)

Increasing take-up: +7% per year on average over last 5 years SUPPORTIVE MARKET IN THE MAJOR GERMAN CITIES1 Low vacancy rate: 4.1% 1 Lack of supply : space under construction2 = 40% of yearly take-up

Existing teams for Asset Management & Property management ESTABLISHED LOCAL Established partnership with local administrations PRESENCE SINCE 2006 2 Knowledge of Office markets

EXISTING DEVELOPMENT Development team in Berlin since 2017 3 TEAM Strong track-record in France & Italy to be duplicated in Germany

1 Berlin, Munich, Frankfurt, Hamburg, Cologne, Düsseldorf, Essen, Leipzig CMD 2019 2 Available space under construction 14 Source: BNP RE ACCELERATING IN OFFICES IN GERMANY (2/2)

A flagship development … already €200 million …and ~€90 million project… of offices in our portfolio… of investments secured in 2019

BERLIN ALEXANDERPLATZ IN BERLIN IN BERLIN

EBERSWALDER BERLIN

60,000 m² mixed-use project 67,000 m² over 15 assets Acquisition of an existing asset Offices / Residential / Retail Currently valued €3,000/m² 10,200 m² for €30 million with a 4% yield 4.5% yield and >50% reversion potential

+35% rent increase potential & a land bank for development 12,600 m² to be developed for €57 million at 6% yield on cost

CMD 2019 15 2 - SECOND PILLAR OF THE STRATEGY / DEVELOPMENT PIPELINE A SIGNIFICANT & GROWING POTENTIAL IDENTIFIED IN OUR PORTFOLIO

€8.0 bn €6.8 bn group share +1/3 TOTAL EUROPEAN €6.0 bn PIPELINE €4.4 bn group share €2.0 bn

€1.3 bn German residential, hotels & mixed-use €2.0 bn

Offices in Italy & Germany €1.2 bn €4.7 bn

+70% €1.4 bn Offices in France €2.7 bn

End-June 2019 Today

Focus on France Offices pipeline in section III-A CMD 2019 16 3 – CLIENT-FOCUSED APPROACH SINCE THE BEGINING

2001 - 2007 2008 - 2018 TODAY

• Property development • Acceleration of developments • Building long-term • Sale & leaseback • Provide services in our buildings partnerships with large corporates • Offer flexible workspace COVIVIO’S STRATEGY

CMD 2019 17 DEPLOY OUR SOLUTIONS THROUGHOUT OUR PORTFOLIO

BE CLOSE TO IMPROVE LIFE OFFER FLEXIBLE IMPROVE OUR EFFICIENCY OUR END-USERS IN OUR BUILDINGS SOLUTIONS THROUGH DIGITALIZATION

Survey of Implement new services Deploy our flexible Digital roadmap 1,300 end-users to respond to their workspace offer, for the next 3 years wishes Wellio

Focus in section III-B of the presentation CMD 2019 18 II. GREATER PARIS OFFICE MARKET

JLL FRANCE PRESENTATION ON THE GREATER PARIS OFFICE MARKET BY JLL

1 / Office top trends: Human Experience, Digital & Flex

Charles BOUDET, CEO of JLL France

2 / The Office market in Greater Paris

Virginie HOUZÉ, Head of Research at JLL France

CMD 2019 20 III. COVIVIO FRANCE OFFICES STRATEGY

III-A. DEVELOPMENT PIPELINE - SUCCESSFUL COMMITTED PROJECTS - POTENTIAL IN OUR PORTFOLIO III-B. CLIENT-ORIENTED STRATEGY - MORE SERVICES IN OUR PORTFOLIO - FLEX-WORKSPACE OFFER - DIGITALIZATION Total France offices pipeline €4.7 bn Committed projects €1.4 bn Managed projects €3.3 bn

A SIGNIFICANT PIPELINE LOCATED MAINLY IN PARIS

€4.7 bn development pipeline in France offices €1.4 bn committed projects €4.3 bn Group share €3.3 bn managed projects

~50% in Paris ~35% in Greater Paris business districts ~15% in Major cities HIGH-QUALITY Lyon LOCATIONS Bordeaux Lille

A MIX OF 760,000 m² OPERATIONS 60% redevelopments / 40% new constructions

LARGE GROWTH % POTENTIAL >35 value creation

CMD 2019 22 CAPACITY TO RENEW OUR DEVELOPMENT PROJECTS

ACCELERATING THE PACE OF COMMITMENTS & FUELLING THE PIPELINE WITH FUTURE PROJECTS €4.7 bn

TOTAL FRANCE €2.8 bn €2.7 bn OFFICES PIPELINE €2.6 bn at 100% X2.5

€1.3 bn €3.3 bn

€1.7 bn €1.4 bn €1.4 bn +30% MANAGED PROJECTS €2.2 bn €1.1 bn x3 COMMITTED PROJECTS €0.4 bn End-2017 End-2018 End-June 2019 Today

CMD 2019 23 Total France offices pipeline €4.7 bn Committed projects €1.4 bn Managed projects €3.3 bn

€1.4 BN OF COMMITTED PROJECTS IN ATTRACTIVE LOCATIONS (€1.1 BN GS)

86% 8% Paris and Greater Paris Lyon

Silex 2 Lyon Part-Dieu Paris 17 So Pop 210,000 m² Levallois ALIS Paris 17 N2

5.8% yield on cost Paris 8 Jean Goujon Paris 5 Gobelins 46% pre-let Montrouge FLOW of which 57% pre-let for 2020 deliveries Chatillon IRO And Meudon Ducasse 6% >35% target value creation Montpellier

with only ¼ of it already in the NAV Cœur d’Orly

CMD 2019 24 Total France offices pipeline €4.7 bn Committed projects €1.4 bn Managed projects €3.3 bn LEVALLOIS / A HISTORIC BUSINESS DISTRICT

OFFICE STOCK ~950,000 M²

Thais Delivered in 2016

ASSET TOUR - SEPTEMBER CMD 20192019 25 Total France offices pipeline €4.7 bn Committed projects €1.4 bn Managed projects €3.3 bn LEVALLOIS ALIS / A PRIME REDEVELOPMENT

An attractive investment … … for redevelopment into a prime asset … … with limited risks

2000 €215 m 5.0% ► SCARCITY OF NEW SPACE ACQUISITION OF BLOCKS A & C TOTAL YIELD AT A 12% YIELD COST ON COST ► ALIS IS THE ONLY PROJECT TO BE DELIVERED IN 2022 IN LEVALLOIS

2015 +60% ~40% ACQUISITION OF BLOCK B TARGET RENT TARGET VALUE AT A 6.4% YIELD INCREASE CREATION VS PREVIOUS TENANT 84,000 m² Annual take-up 1 Jan. 2019 DEPARTURE OF THE TENANT +18% Available surface on future deliveries Acquisition of block B vs 2015

2022 ALIS EXPECTED DELIVERY 2019 2020 2021 2022

Prime economic rent in Levallois

2011 2012 2013 2014 2015 2016 2017 2018 2019

1 2013- 2018 average CMD 2019 Sources: JLL, CBRE, Crane Survey 26 Total France offices pipeline €4.7 bn Committed projects €1.4 bn Managed projects €3.3 bn PARIS 17 – CLICHY - SAINT-OUEN / A DYNAMIC AREA IN THE NORTH OF PARIS

OFFICE STOCK ~1.2 MILLION M²

New Paris courthouse

27 Total France offices pipeline €4.7 bn Committed projects €1.4 bn Managed projects €3.3 bn

PARIS SO POP / A FLAGSHIP DEMOLITION-RECONSTRUCTION PROJECT

An attractive investment … … for redevelopment into a prime asset … … with limited risks

2012 ACQUISITION OF CITROËN HQ % ► ATTRACTIVE LOCATION CLOSE AT 8.1% YIELD €226 m 6.1 SHARED AT 50% YIELD TO THE METRO LINE 14 TOTAL ON COST 2018 COST ► SCARCITY OF NEW SPACE DEPARTURE OF CITROËN + 145% ~ 70% ► INCREASINGLY DEMANDED AREA 2019 TARGET RENT TARGET VALUE INCREASE CREATION BUILDING PERMIT VS PREVIOUS TENANT INCLUDING MARGIN ON SYNDICATION WITH A 70% EXTENSION TO 31,000 M² 116,000 m² Annual take-up 1 2019 Acquisition +25% SYNDICATION OF 49.9% vs 2012 WITH CREDIT AGRICOLE ASSURANCES Available surface on future deliveries Prime economic rent in St Ouen So POP

2011 2012 2013 2014 2015 2016 2017 2018 2019 2021 2019 2020 2021 EXPECTED DELIVERY

1 2013- 2018 average CMD 2019 Sources: JLL, CBRE, Crane Survey 28 Total France offices pipeline €4.7 bn Committed projects €1.4 bn Managed projects €3.3 bn MALAKOFF-MONTROUGE-CHATILLON BUSINESS DISTRICT

OFFICE STOCK ~1 MILLION M²

8 min Transport HUB Chatillon-Montrouge

8 min

29 Total France offices pipeline €4.7 bn Committed projects €1.4 bn Managed projects €3.3 bn

FLOW & IRO / TWO HIGH-QUALITY CONSTRUCTION PROJECTS

An attractive investment … … for redevelopment into prime assets … … with limited risks

2015 TOTAL COST 100% 20% ACQUISITION OF FLOW, A VACANT ASSET PRE-LET PRE-LET OF 18,000 M² IN MONTROUGE FLOW ON FLOW ON IRO €115 M % % ~55 6.6 YIELD ON COST TARGET VALUE ► IRO IS THE ONLY NEW OFFER 2017 CREATION SCHEDULED FOR 2020 IN THE AREA FLOW BUILDING PERMIT IRO WITH 30% EXTENSION OF THE SURFACE €139 M % YIELD ON COST 6.3 55,000 m² Annual take-up 1 2018 ACQUISITION OF IRO Available surface on future deliveries

+20% vs 2015 2020 Acquisition IRO

EXPECTED DELIVERY OF IRO & FLOW 2019 2020 2021

Prime economic rent

2011 2012 2013 2014 2015 2016 2017 2018 2019

1 2013- 2018 average CMD 2019 Sources: JLL, CBRE, Crane Survey 30 III. COVIVIO FRANCE OFFICES STRATEGY

SIGNIFICANT POTENTIAL IN OUR PORTFOLIO TO RENEW OUR PIPELINE…

~ 550,000 m² €3.3 BN >35% OF OFFICES TOTAL COST POTENTIAL VALUE CREATION €3.2 BN GROUP HARE

1 REDEVELOPMENT OF “HISTORIC” ASSETS €1.2 bn

2 LAND BANKS €1.5 bn

3 SELECTIVE VALUE-ADD ACQUISTIONS €0.6 bn

CMD 2019 32 Total France offices pipeline €4.7 bn Committed projects €1.4 bn Managed projects €3.3 bn

…LOCATED IN KEY STRATEGIC MARKETS

Lille

MAJOR Paris REGIONAL 50% CITIES 20% 30%

Greater Paris Lyon

Bordeaux

CMD 2019 33 Total France offices pipeline €4.7 bn Committed projects €1.4 bn Managed projects €3.3 bn

ATTRACTIVE LOCATIONS IN PARIS & GREATER PARIS

Saint Ouen Victor Hugo Saint Denis Pleyel

Redevelopment 360,000 Levallois Pereire m² CAP 18 Land Banks Selective acquisition Laborde Carnot Jemmapes Provence Anjou Rueil Lesseps €2.5 bn Voltaire total cost Keller

Raspail 80% Boulogne Molitor Bobillot of managed projects

Velizy / Meudon

CMD 2019 34 REDEVELOPMENTS OF “HISTORIC” ASSETS Total France offices pipeline €4.7 bn Committed projects €1.4 bn Managed projects €3.3 bn A STRONG TRACK RECORD OF REDEVELOPMENT

PARIS MENILMONTANT Full Redevelopment – 2017 4,500 m² ORANGE ACQUISITION: 2006 STAYED AS TENANT TOTAL YIELD VALUE COST ON COST CREATION €26 m 5.2% 41%

LEVALLOIS THAIS Demolition & Reconstruction – 2017 5,500 m² ACQUISITION: 2003 MULTI-LET

TOTAL YIELD VALUE COST ON COST CREATION €41 m 6.5% 81% NOW BEFORE

CMD 2019 36 Total France offices pipeline €4.7 bn Committed projects €1.4 bn Managed projects €3.3 bn

A PIPELINE MAINLY LOCATED IN PARIS…

TOTAL 11 ASSETS Levallois Pereire COST 88,000 m² Laborde Jemmapes Carnot Provence €1.2 Anjou Voltaire AVERAGE BN RENT 419 €/m² Keller

Raspail AVERAGE VALUE Boulogne Molitor Bobillot 8,300 €/m²

CMD 2019 37 Total France offices pipeline €4.7 bn Committed projects €1.4 bn Managed projects €3.3 bn

… IN PRIME OR EMERGING AREAS IN PARIS GROWTH IN PRIME RENTS IN PARIS BY AREA OVER 10 YEARS

PARIS PARIS PARIS PARIS PARIS PARIS PARIS ÉTOILE OPÉRA 3/4/10/11 5/6/7 12/13 14/15 18/19/20

900 €/m² Prime Rent 2019 850 €/m² 850 €/m² Min Prime Rent over 10 years

800 €/m² Average rent on our assets 750 €/m² 740 €/m² 750 €/m² 700 €/m² 650 €/m² 650 €/m² 650 €/m² 600 €/m² 590 €/m² 570550 €/m²€/m² 500 €/m² 500 €/m²

440 €/m² 400 €/m² 440 €/m² 350 €/m² 340 €/m² 340 €/m² 350 €/m² 300 €/m² 320 €/m² 245 €/m²

200 €/m² Laborde Provence Voltaire Bobillot Keller Covivio managed projects Anjou Jemmapes Raspail Carnot

Growth in prime rents +13% +30% +114% +25% +47% over 10 years

CMD 2019 Source : CBRE 38 Total France offices pipeline €4.7 bn Committed projects €1.4 bn Managed projects €3.3 bn

SHORT-TERM PROJECTS

LABORDE 8th ANJOU 8th CARNOT 17th 6,200 m² 10,100 m² 11,200 m²

SURFACE 35,000 SEE m² FOCUS TOTAL COST EXPECTED RENTAL INCREASE 2020 2021 2022 €0.6 ~45% BN

th PROVENCE 9 TARGET 7,500 m² VALUE CREATION >35%

CMD 2019 39 Total France offices pipeline €4.7 bn Committed projects €1.4 bn Managed projects €3.3 bn

FOCUS / ANJOU, LARGE REDEVELOPMENT POTENTIAL IN THE CBD

TODAY

Saint Lazard Train Station 10,100 m² let to Orange until 2021 Saint- Augustin Current rent

Madeleine €560/m² on offices

Orange Anjou

Palais de l'Elysée TOMORROW

Redevelopment project to a prime office building

Grand Palais Concorde Target rent €900/m²

CMD 2019 40 Total France offices pipeline €4.7 bn Committed projects €1.4 bn Managed projects €3.3 bn

MEDIUM-TERM PROJECTS

BOULOGNE Molitor JEMMAPES 10th KELLER 15th RASPAIL 14th BOBILLOT 13th 4,500 m² 9,200 m² 3,500 m² 14,000 m² 3,700 m² SURFACE 54,000 m² SEE FOCUS TOTAL COST EXPECTED RENTAL INCREASE 2020 2021 2022 2023 2024 €0.6 ~50% BN

LEVALLOIS Pereire VOLTAIRE 11th TARGET 8,000 m² 10,000 m² VALUE CREATION >35%

CMD 2019 41 Total France offices pipeline €4.7 bn Committed projects €1.4 bn Managed projects €3.3 bn FOCUS / PARIS 10th JEMMAPES, REDEVELOPMENT POTENTIAL IN AN EMERGING AREA

Bassin de la Villette TODAY

9,200 m² PARIS JEMMAPES fully let to Orange until 2022

Parc des Buttes Chaumont Current rent Gare du Nord €255/m² on offices Colonel Fabien

Gare de L’Est

TOMORROW

Redevelopment project to a prime office building + 2,500 m² extension Place de la République Target rent €600/m²

CMD 2019 42 LAND BANKS Total France offices pipeline €4.7 bn Committed projects €1.4 bn Managed projects €3.3 bn

LAND BANKS / 290,000 M² TO BE DEVELOPPED FOR €1.5 BN

PARIS + GREATER PARIS

SEE FOCUS

PARIS LILLE 100,000 m² 22,000 m²

SEE FOCUS

VÉLIZY / MEUDON 80,000 m²

BORDEAUX LYON 30,000 m² 55,000 m²

CMD 2019 44 Total France offices pipeline €4.7 bn Committed projects €1.4 bn Managed projects €3.3 bn

FOCUS / VELIZY-MEUDON, AN ATTRACTIVE BUSINESS DISTRICT FOR LARGE CORPORATES

VÉLIZY-MEUDON BUSINESS DISTRICT: ~1 MILLION M² OF OFFICES ~ 80,000 m² TO DE DEVELOPPED

DS Campus Extension 2 + Thalès extension + VIBE project

Vélizy 2

Dewoitine CLAMART RESIDENTIAL DASSAULT AREA CAMPUS Innovel Parc Nord

OFFICE AREA (part of the Inovel Parc)

CMD 2019 45 Total France offices pipeline €4.7 bn Committed projects €1.4 bn Managed projects €3.3 bn

FOCUS / CAP 18, A LARGE CONSTRUCTION POTENTIAL IN PARIS

Porte de TODAY Clignancourt Porte de la Chapelle CAP 18

Rosa Park Campus BNP Paribas 67,000 m² The Cargo business incubator of business premises Vill’Up shopping center Reinventer Paris Current rent project La Vilette €135/m²

TOMORROW Montmartre

Up to 100,000 m² of mixed-use Offices / Hotel / Residential / Public Services Gare du Nord Parc des Est. Start Date Buttes 2026 Gare de L’Est Chaumont

CMD 2019 46 SELECTIVE VALUE- ADD ACQUISITIONS Total France offices pipeline €4.7 bn Committed projects €1.4 bn Managed projects €3.3 bn

VALUE-ADD ACQUISITIONS / ~100,000 M² TO BE REDEVELOPPED FOR €0.6 BN

SAINT-DENIS PLEYEL / 15,000 m² SAINT-DENIS PLEYEL

SAINT-OUEN VICTOR HUGO

So Pop (Ongoing) N2 (Ongoing) RUEIL LESSEPS SAINT-OUEN V. HUGO / 40,000 m² A Saint-Lazare Charles de Gaulle Etoile

RUEIL LESSEPS / 44,000 m²

Line 14 with extension

RER Line A

CMD 2019 48 Total France offices pipeline €4.7 bn Committed projects €1.4 bn Managed projects €3.3 bn

FOCUS / RUEIL VINCI, A VALUE-ADD ACQUISITION

RUEIL VINCI BEFORE

300 m from RER A

Noisy-Champs

Line 15 Grand Paris Express (2023) AFTER

ACQUISITION IN 2016 TOMORROW at 7.8% yield

38,600 m² Up to 44,000 m² (headquarters of Vinci) urban campus integrated in the city

Current rent Target rent: €380/m² €250/m² Est. Start Date CMD 2019 2022 49 Total France offices pipeline €4.7 bn Committed projects €1.4 bn Managed projects €3.3 bn

FOCUS / SAINT OUEN VICTOR HUGO, 14,000 M² BUILDING WITH ADJACENT LAND

TODAY New Regional HQ of Ile-de-France region Les Docks 14,000 m² (New green urban development zone) of offices & light industrial VICTOR HUGO

Current rent €150/m² New Paris North Hospital Saint-Ouen TOMORROW

SO POP Up to 40,000 m² of Offices

Est. Start Date 2024

Line 14 to be delivered in 2020/2021 Project lines 14 to be delivered in 2024/2025

CMD 2019 50 Total France offices pipeline €4.7 bn Committed projects €1.4 bn Managed projects €3.3 bn

FOCUS / SAINT DENIS PLEYEL, REDEVELOPMENT ON THE METRO LINE 14

TODAY

ST DENIS PLEYEL To Roissy 11,600 m² of multi-tenant offices Olympic Village 2024 Current rent Transport HUB St Denis Pleyel €130/m² New Regional HQ of Ile-de-France

TOMORROW

Up to 15,000 m² VICTOR HUGO of prime offices

Est. Start Date 2024

Line 14 to be delivered in 2020/2021 Future lines 14 and 16 for 2024/2025 and line 15 in 2030

CMD 2019 51 KEY TAKEAWAYS

ON FRANCE OFFICES DEVELOPMENT PIPELINE FRANCES OFFICES / SUSTAINABLE PACE OF COMMITMENTS & DELIVERIES

€1.4 BN €1.0 BN €1.0 BN €1.3 BN COMMITTED SHORT-TERM MEDIUM-TERM LONGER-TERM PROJECTS PROJECTS PROJECTS PROJECTS

TODAY 2020-2021 2022-2023 2024 & BEYOND €4.7 BN ESTIMATED LAUNCH PIPELINE

Mainly Mainly Land banks redevelopments redevelopments & redevelopments of in Paris in Paris value-add acquisitions

OF DELIVERIES ~€400 PER YEAR MILLION ON AVERAGE GROUP SHARE

CMD 2019 53 FRANCE OFFICES / SUSTAINABLE SOURCE OF RENTAL GROWTH RENTAL INCOME IN THE YEAR AFTER DELIVERY

FROM COMMITTED PIPELINE FROM MANAGED PIPELINE

~+€25 M ~+€24 M

~+€20 M ~€20 MILLION Group share 57% PER YEAR ~+€7 M Group share ON AVERAGE 32%

Projects ~+€13 M already delivered in 2019

2020 2021 2022 2023 & Beyond

% already secured through pre-lettings Committed projects Managed projects

CMD 2019 54 III. COVIVIO FRANCE OFFICES STRATEGY

III-A. DEVELOPMENT PIPELINE - SUCCESSFUL COMMITTED PROJECTS - POTENTIAL IN OUR PORTFOLIO III-B. CLIENT-ORIENTED STRATEGY - MORE SERVICES IN OUR PORTFOLIO - FLEX-WORKSPACE OFFER - DIGITALIZATION LISTENING TO MARKET TRENDS & OUR CUSTOMERS’ EXPECTATIONS

Technological leap & New ways of working Generational needs New workspace use digital revolution Talent retention

WHAT CONSEQUENCES FOR COVIVIO?

Attractivity

Creative Room, Collaborative Spaces, REVISED SERVICES OFFER IN OUR BUILDINGS Modern Catering Experiences, Rooftop spaces …

Profitability MORE FLEXIBILITY + PLUG AND WORK SOLUTIONS

CMD 2019 56 MEASURING OUR CUSTOMERS’ SATISFACTION

SATISFACTION CLIENT SURVEY IN 2019 WITH 1,300 END-USERS INTERVIEWED IN 12 BUILDINGS

ACTION 7.8 PLANS ACCESSIBILITY SERVICES CO-DEFINED 10 WITH SATISFACTION RATE OUR TENANTS

SECURITY COMFORT

CMD 2019 57 FOCUS ON MAIN EXPECTATIONS

1 2 3 4 COMFORT SERVICES MOBILITY DIGITALIZATION & GREEN CERTIFICATIONS

CMD 2019 58 1 / GREEN CERTIFICATIONS

“GREENING” RATE FRANCE OFFICES1 TARGET TARGET 100% -40% OF GREEN IN ENERGY OFFICES CONSUMPTION IN 2020 2008-2020 540 490

420 372 354 338 332

2008 2010 2012 2014 2016 2017 2018

Primary Energy (kWhpe/GLAsqm/year)

ACHIEVEMENTS % VS TARGET AT END-2018 -32

CMD 2019 1 Core portfolio only 59 1 / ENHANCED GREEN AREAS ON ONGOING AND FUTURE DEVELOPMENT

TARGET % FOCUSING ON “BIODIVERCITY” LABEL… … AND OTHER APPROACHES 100 OF DEVELOPMENTS WITH GREEN AREAS

MONTPELLIER POMPIGNANE PARIS CARRÉ SUFFREN

VELIZY CAMPUS EIFFAGE Green areas LA DÉFENSE CB21 Rooftops Terraces

PARIS JEAN GOUJON CHATILLON IRO PARIS GOBELINS

CMD 2019 60 1 / COMFORT CERTIFICATIONS

AN EXPERIMENTAL APPROACH

Feedback Define from our stakeholders Group policy

PARIS JEAN GOUJON CHATILLON IRO PARIS ART&CO

SO POP

CMD 2019 61 2 / DIFFERENTIATED SERVICING APPROACH INSPIRED BY OUR HOSPITALITY BUSINESS LINE

TARGET ALL INCLUSIVE % OFFER 100 COLLABORATIVE / OF OFFICES WITH SERVICES WELLNESS SPACES COMPONENT IN 2023 FOOD FACILITIES

PHYSICAL CONCIERGE SERVICES DIGITAL CONCIERGE SERVICES

THAÏS - LEVALLOIS DUGUESCLIN - LYON RIVERSIDE - TOULOUSE CARRE SUFFREN - PARIS ART&CO - PARIS

CMD 2019 62 2 / PARIS CARRE SUFFREN, REVISITING THE SERVICES OFFER 25,000 M² BUILDING

TOTAL INVESTMENT

M NEW €9.5 CATERING BAR EXPERIENCE

Ongoing 3,000 m² refurbishment of services RESHAPED areas

ALTERNATIVE RENT WORKING INCREASE AREAS +10%

CMD 2019 63 2 / LYON SILEX 2 / AN ALL-INCLUSIVE OFFER 31,000 M² OF PRIME OFFICES IN LYON PART-DIEU TO BE DELIVERED EARLY-2021

FLEXIBLE SPACES SERVICES

TERRACES AND SKY-RESTAURANT GREEN AREAS & WELL-BEING

CMD 2019 64 3 / ENSURING HIGH ACCESSIBILITY OF OUR BUILDINGS

61% >2 rail-transport access (subway, tramway, RER) CLOSE PROXIMITY LESS THAN 500 M TO PUBLIC TRANSPORT 38% 97.7% >1 rail-transport access

ACCESSIBLE % % BETWEEN 500 M 2.3 1 AND 1 KM Bus only

CMD 2019 65 III. COVIVIO FRANCE OFFICES STRATEGY

GROWING DEMAND SUPPORTS NEW OPENINGS… …WITH ROOM TO GROW

% 2.8 m ONLY ~1 OF TOTAL OFFICE STOCK 2.2 m in Paris, Milan & Berlin % 1.8 m +50 SPACE % IN TWO 48 YEARS OF COMPANIES EXPECT TO USE SOME FLEX-WORKSPACE IN THE NEXT 3 YEARS VS 28% TODAY END-2016 END-2017 END- 2018

Flex-workspace in Europe (in m²)

CMD 2019 Sources: JLL, CBRE Occupier survey 2019 67 A KEY COMPONENT OF OUR OFFICES STRATEGY

STRATEGIC DRIVERS CONCRETE TOOLS OPERTIONAL RESULT

NEUTRALIZE THE RISK DIRECT CONTACT Integrate users feedbacks OF OBSOLESENCE WITH END-USERS in the conception of our buildings

The last brick in our services offer ABILITY TO BEST RESPOND IMPROVE OUR TO CLIENTS’ NEEDS OFFICES OFFER Offer a full range of products (Traditional lease, flex-workspace, mixed-buildings)

A SUCCESSFUL 96% occupancy rate +25-30% AVERAGE PROFITABILITY CONCEPT Increasing prices per desk vs RENTAL INCOME

CMD 2019 68 AN ATTRACTIVE POSITIONING IN THE EUROPEAN FLEXIBLE LANDSCAPE

CO-WORKING SERVICED OFFICES COMPLETE OFFERS OFFERS (business center) (co-working & private offices)

21% 45% 34% OF THE SURFACE OF THE SURFACE OF THE SURFACE

The most dynamic segment >50% of the growth of Europe flexible space since 2016

CMD 2019 Source: JLL, Xerfi 69 COVIVIO FLEXIBLE WORKSPACE / 12,000 M² OPENED AT 4 SITES

EUROMED MARSEILLE GARE DE LYON – PARIS 12th

OPENING OPENING of the 1st of the 2nd site 2,300 m² in Paris 5,000 m²

End-2017 March 2018 Sept. 2018 Oct. 2018

MIROMESNIL – PARIS 8th MONTMARTRE – PARIS 18th

OPENING of the 1st site 1,400 m² located in Paris in partnership 3,500 m² with Orange 3rd site in Paris

CMD 2019 70 A COMPLEMENTARY OFFER / A FULL RANGE OF REAL ESTATE SOLUTIONS

TRADITIONAL MIXED-BUILDINGS WITH TRADITIONAL BUILDINGS DEDICATED LEASE LEASE & FLEXIBLE WORKSPACE TO FLEXIBLE WORKSPACE

CALYPSO ART&CO WELLIO MIROMESNIL EUROMED MARSEILLE PARIS GARE DE LYON PARIS 8th

Wide range of layouts & locations Large buildings (>5,000 m²) Buildings 3,000 m² to 5,000 m² 3.2 million m² in France, Italy & Germany in attractive locations & great access to transportation in central locations

LEASE OUR BUILDINGS FASTER, AT HIGHER RENTS & REINFORCE CLIENT LOYALTY

CMD 2019 71 EXAMPLE OF A MIXED-USE BUILDING / ART&CO IN GARE DE LYON

13,000 m²

8,000 m² (~60%) Traditional leases Flexible workspace % 5,000 m² (~40 ) (720 workstations)

ROOFTOP EVENTS PROJECT & INNOVATION ROOMS SPACE

TRADITIONAL LEASE

OFFICE

OFFICE RECEPTION DESK / BAR LOUNGE BAR / WORK MEETINGS CAFE CO-WORKING

CMD 2019 72 A COMPLEMENTARY OFFER / EXPANDING OUR CLIENT BASE

% NEW COMPANIES 70 to support in their real OF OUR FLEXIBLE CLIENTS estate strategy, for more business ARE LARGE CORPORATES opportunities

WE SUPPORT Traditional lease OUR PARTNERS partners becoming flex-workspace IN THEIR TRANSFORMATION clients

CMD 2019 73 EXAMPLE OF A BUILDING IN PARTNERSHIP WITH ORANGE / MONTMARTRE IN PARIS 18th

5,900 m²

Lease extension 4,500 m² (76%) with Orange in 2018 +12 years firm

Flex-workspace offer 1,400 m² (24%) 100% occupied incl. 50% secured by Orange

► Secure Orange presence  WIN-WIN ► Offer flexibility and innovative DEAL workspace environment  ► Improve quality of the asset  ► Improve economic terms 

CMD 2019 74 A COMPLEMENTARY OFFER / THE BENEFITS OF AN INTEGRATED MODEL

IN THE DEVELOPMENT PHASE IN THE OPERATING PHASE

Rely on our in-house development team Rely on our in-house property management team FLEXIBLE WORKSPACE IS TAKEN INTO ACCOUNT AT DESIGN PHASE

CMD 2019 75 A SUCCESSFUL CONCEPT (1/2)

96% OCCUPANCY ON AVERAGE1

PARIS MIROMESNIL PARIS MONTMARTRE 3,500 m²  96% occupancy 1,400 m²  100% occupancy 4 >12 PARIS GARE DE LYON MARSEILLE EUROMED MONTHS SITES OPEN 5,000 m²  95% occupancy 2,300 m²  97% occupancy AVERAGE IN FRANCE CONTRACT LENGHT

INCREASING PRICES

+30% ON PRICE PER DESK in Wellio Miromesnil between first signing & current negotiations

CMD 2019 1 On the office part 76 A SUCCESSFUL CONCEPT (2/2)

ON OPERATING SITES

~€15 million Revenue IN 2020

~€8.5 million EBIT EXCLUDING HOLDING COSTS

+25-30% AVERAGE PROFITABILITY EBIT vs RENT

CMD 2019 77 NEXT OPENINGS / 22,500 M² IN FRANCE & IN MILAN BY 2022

BORDEAUX MILAN PARIS 5th CITÉ DU IN 2019 VIA DANTE GOBELINS NUMÉRIQUE 4,700 m² 4,300 m² & 2020 3,000 m²

PARIS 8th IN 2021 LYON SILEX 2 JEAN 5,500 m² GOUJON & 2022 5,000 m²

CMD 2019 78 III. COVIVIO FRANCE OFFICES STRATEGY

III-A. DEVELOPMENT PIPELINE - SUCCESSFUL COMMITTED PROJECTS - POTENTIAL IN OUR PORTFOLIO III-B. CLIENT-ORIENTED STRATEGY - MORE SERVICES IN OUR PORTFOLIO - FLEX-WORKSPACE OFFER - DIGITALIZATION DIGITAL TRANSFORMATION, A KEY RESPONSE TO NEW REAL ESTATE TRENDS

90% of our time is spent in a building. NEW WAYS OF LIVING Users require greater flexibility and new services

ENERGY CHALLENGES Buildings represent ~25% of CO2 emissions in Europe

ECONOMIC CHALLENGES Real estate and energy prices are rising structurally

Real estate sector is not immune to disruption, from NEW PLAYERS tech companies, telecom, GAFA and start-ups

CMD 2019 80 COVIVIO IT & DIGITAL ROADMAP / 3 MAIN PILLARS FOR THE NEXT 3 YEARS

1 2 3

BUILDING DATA DRIVEN EUROPE AS A SERVICE ACTIONS & CHANGE

TO DELIVER TO ANTICIPATE TO IMPROVE the best offer to our clients and develop knowledge efficiency and work differently

JOINTLY DEVELOPED WITH OUR EUROPEAN TEAMS (BUSINESS & IT) WITH EXTERNAL PARTNER CAPGEMINI INVENT

CMD 2019 81 1 - BUILDING AS A SERVICE / PARTNERSHIP WITH MONBUILDING FOR OFFICES CLIENTS DESIGN OUR OFFICE CLIENTS’ DIGITAL JOURNEY

AN APP & WEB PLATFORM FOR OUR OFFICES CLIENTS (Flex and traditional)

► COMMUNITY & COMMUNICATION ► SMART BOOKING / Meeting rooms, co-working space, with direct payment ► CONCIERGE & MARKETPLACE / For more services FEATURES ► DOCUMENT MANAGEMENT / Contracts, invoices, building information ► E-TICKETING ► PRINTING

► OFFER AN EASY & DIGITAL CLIENT JOURNEY AMBITIONS ► COLLECT DATA TO SET UP PERFORMANCE INDICATORS ► DIRECT FOLLOW UP AND MONITORING IN OUR SYSTEMS ► IMPROVE CLIENT SATISFACTION

DEPLOYMENT ► EARLY 2020 / Delivery on 5 Wellio sites ► 2022 / All service / Core Office Buildings equipped in France, Italy and Germany

CMD 2019 82 1 - BUILDING AS A SERVICE / A PARTNERSHIP WITH GERMAN START-UP FACILIOO FOR RESIDENTIAL CLIENTS

COVIVIO#HOME, 3 MAIN OBJECTIVES An app for our residential clients… CLIENT SERVICE / Focus less on day-to-day, more on clients’ expectations COMMUNICATION / Direct link FASTER RESPONSE TIME with Covivio TRANSPARENCY E-TICKETING / Report QUALITY and follow-up requests DOCUMENT MANAGEMENT / FEATURES Contracts, invoices LESS CALL & EMAILS IMMEDIATE RECORD ON OUR IT SYSTEM / Maintenance orders, impacts on budget EFFICIENCY ACCESS / 24/24 and 7/7 to fit with our clients’ schedule MAINTENANCE / better knowledge FREE / available of the portfolio on app-stores KPI ON CLIENT SERVICE / REAL TIME FOLLOW-UP Response time, number of requests DIGITAL AS DATA A LEVER EASIER CLIENT JOURNEY

CMD 2019 >3,000 users since launch in June 2019 83 2 - A STRONG DRIVE TO ADOPT A DATA-ORIENTED STRATEGY TO SERVE OUR CLIENTS BETTER AND FASTER (1/2) 1ST INITIATIVES

MEASURE ENERGY CONSUMPTIONS AND ACCESS TO A DATA PORTAL IN REAL TIME 22 BUILDINGS PILOT AND ANTICIPATE ENERGY EQUIPPED CONSUMPTION OF COVIVIO’S WITH SENSORS TO IMPROVE BUILDINGS FOR EFFICIENCY MONITOR ENERGY CONSUMPTION

Q4 2019 / START OF TRIAL

CMD 2019 84 2 - A STRONG DRIVE TO ADOPT A DATA DRIVEN STRATEGY TO SERVE OUR CLIENTS BETTER AND FASTER (2/2) 1ST INITIATIVES

FIRST TRIAL TO MEASURE ACTUAL KNOW OUR CLIENTS BETTER EFFICIENCY ON ONE WELLIO SITE WITH A CRM SOLUTION

► DATA PORTAL TO ACCESS AND MONITOR ► FOLLOW CLIENTS AT THE EUROPEAN LEVEL ROOM OCCUPANCY TO PROVIDE BEST SOLUTIONS TO THEIR NEEDS

► ACTION PLAN TO IMPLEMENT ROOM ► DIGITALIZED SALES PROCESS FROM LEAD PER ROOM IF NEEDED TO SIGNATURE

► REVENUE MANAGEMENT ► ACCESS IN MOBILITY

AN INDUSTRIALIZED AND INCREMENTAL DATA STRATEGY TO IMPLEMENT IN 2020

CMD 2019 85 3 - EUROPE & CHANGE / CONCRETE ACTIONS ON CHANGE AND CULTURE FOR INNOVATION

1,001 IDEAS

Launch of a JOINT INNOVATION PLATFORM in 2018 for Covivio employees to PROMOTE NEW IDEAS and empower our teams to be stakeholders in our transformation ► 4 THEMES: Europe, client service, quality at work and What Else? ► ~500 IDEAS to filter from our 3 countries ► 50% OF IDEAS SELECTED, ongoing or already implemented

NEW WAYS OF WORKING

► “LAB” PROJECTS in our Wellio site to trial COLLECTIVE AND SPECIFICALLY THEMED WORKSHOPS ► Agility and project-driven to FIND TRANSFORMATION LEADERS in Covivio teams ► Teams strongly committed to TO JOINT INNOVATION

CMD 2019 86 KEY TAKEAWAYS KEY TAKEAWAYS

Focus on France Offices

1 Growth potential Through our development pipeline

2 Value creation potential >35% target value creation

3 Capacity to fuel this pipeline Mainly in Paris

Full services offer to deploy on our portfolio Client-oriented approach 4 Digital transformation

CMD 2019 88 ASSET TOUR

CMD 2019 89 ASSET TOUR

Wellio Paris Miromesnil – Flexible workspace 1 11 avenue Delcassé, Paris 8

Paris Percier – Multi-let 2 9 avenue Percier, Paris 8

Orange Paris Anjou 6 3 7 5 11/15 rue d’Anjou, Paris 8 8 Orange Paris Carnot 9 4 4 23 rue Mederic, Paris 17 2 3 1 Paris Streambuilding – Development project 5 ZAC Clichy Batignolles, Paris 17

Paris So Pop – Development project 6 6 rue Fructidor, Paris 17

Levallois Alis – Development project 7 35 rue Baudin, Levallois-Perret

Levallois Thais – Multi-let 8 25 rue Anatole France, Levallois-Perret

Orange Paris Maillot 9 18 rue Gustave Charpentier, Paris 17

END OF THE ASSET TOUR PORTE MAILLOT CMD 2019 90 WELLIO MIROMESNIL / REFURBISHED INTO A FLEX-WORKSPACE BUILDING (1/2) 11 AVENUE DELCLASSE, PARIS 8

SURFACE AREA

4,800 m² 7TH Event space INCL. 3,500 m² FLEX-SPACE

320 DESKS

OCCUPANCY RATE Intermediate floors (Meeting rooms and flexible offices) 96% ON FLEXIBLE OFFICE

PRICE PER DESK

€1,100/month ON FLEXIBLE OFFICE

1ST floor co-working space

CMD 2019 Velvet café 91 WELLIO MIROMESNIL / REFURBISHED INTO A FLEX-WORKSPACE BUILDING (2/2) 11 AVENUE DELCLASSE, PARIS 8

2009 / ACQUISITION AT A 7.6% YIELD

2017 / DEPARTURE OF THE PREVIOUS Arc de Triomphe TENANTS AND REFURBISHMENT

Grand Palais WELLIO Miromesnil MAR. 2018 / OPENING OF WELLIO

Percier

Madeleine Parc END-OCT. 2018 / WELLIO REACHING 90% OF Monceau OCCUPANCY Miromesnil

CMD 2019 92 PERCIER / TROPHEE ASSET IN THE HEART OF THE CBD (1/2) 9 AVENUE PERCIER, PARIS 8

Arc de Triomphe SURFACE AREA Grand Palais 8,600 m²

WELLIO Madeleine Miromesnil Percier OCCUPANCY RATE 98%

CURRENT RENT ON OFFICES Parc Monceau €585/m²

Saint Lazard Train Station FIRM LEASE TERM 2 YEARS

CMD 2019 93 PERCIER / TROPHEE ASSET IN THE HEART OF THE CBD (2/2) 9 AVENUE PERCIER, PARIS 8

2009 / ACQUISITION AT A 6.3% YIELD

2015 / LEASE WITH CHLOÉ GROUP 6,000 M² AT €570/M²

2018 / ADDITIONAL LEASE WITH CHLOÉ 1,400 M² AT €640/M²

>10% RENT INCREASE POTENTIAL MAIN TENANT CHLOÉ GROUP (90%)

CMD 2019 94 ORANGE ANJOU / REDEVELOPMENT POTENTIAL IN THE CBD (1/2) 11/15 RUE D’ANJOU PARIS 8

Saint Lazard Train Station

SURFACE AREA Saint-Augustin 10,100 m² Madeleine

RENT ON OFFICES Orange Anjou OCCUPANCY RATE €560 /m² The Elysée palace 100% ORANGE (93%) & LA POSTE (7%)

FIRM LEASE TERM

Grand Palais 2 YEARS Concorde

CMD 2019 95 ORANGE ANJOU / REDEVELOPMENT POTENTIAL IN THE CBD (1/2) 11/15 RUE D’ANJOU PARIS 8

2006 / SALE & LEASEBACK WITH ORANGE AT 6.2% YIELD

2021 / END OF LEASE OF ORANGE AND LA POSTE

EXTRACTING RENT INCREASE & VALUE CREATION THROUGH REDEVELOPMENT

€900/m² CURRENT PRIME RENT IN THE AREA 3% CURRENT PRIME YIELD

CMD 2019 96 ORANGE CARNOT / REDEVELOPMENT POTENTIAL IN THE CBD (1/2) 23 RUE MÉDÉRIC, PARIS 17

Arc de Triomphe

SURFACE AREA 11,200 m²

Parc Monceau RENT ON OFFICES Orange Carnot OCCUPANCY RATE €590 /m² 100% BY ORANGE Wagram Avenue

FIRM LEASE TERM 2 YEARS

CMD 2019 97 ORANGE CARNOT / REDEVELOPMENT POTENTIAL IN THE CBD (2/2) 23 RUE MÉDÉRIC, PARIS 17

2006 / SALE & LEASEBACK WITH ORANGE AT 6.6% YIELD

2021 / END OF LEASE OF ORANGE

EXTRACTING RENT INCREASE & VALUE CREATION THROUGH REDEVELOPMENT

€750/m² CURRENT PRIME RENT IN THE AREA 3% CURRENT PRIME YIELD

CMD 2019 98 PARIS STREAMBUILDING / AN INNOVATIVE MIXED-USE PROJECT (1/2) ZAC CLICHY BATIGNOLLES, PARIS 17

ONE OF THE LARGEST URBAN REGENERATION AREA OF PARIS THE BATIGNOLLES AREA WITH AN OBJECTIVE OF NEUTRAL CARBON BALANCE

Project STREAMBUILDING A mix of offices, retail and high-end residential

Residential | 230,000 m²

Offices | 140,000 m²

Retail & Services | 70,000 m²

Dir. Paris CBD

CMD 2019 99 PARIS STREAMBUILDING / AN INNOVATIVE MIXED-USE PROJECT (2/2) ZAC CLICHY BATIGNOLLES, PARIS 17

WINNER OF THE “REINVENTER PARIS” COMPETITION FOR URBAN INNOVATIVE PROJECTS

SURFACE AREA 15,900 m² Rooftop agriculture

TOTAL COST €162 m Hotel (4,600 m²) SHARED AT 50%

Offices (4,800 m²) & Flex-offices (4,500 m²) TARGET RENT

€575 /m² Ground floor retail (1,100 m²) ON OFFICES & event space (900 m²)

YIELD ON COST 4.6% AMBITIOUS GREEN CERTIFICATIONS

DELIVERY 2022 CMD 2019 ~30% TARGET VALUE CREATION 100 PARIS SO POP / REDEVELOPMENT-EXTENSION BETWEEN PARIS & ST-OUEN (1/2) 6 RUE FRUCTIDOR, PARIS 17TH

New Paris courthouse SURFACE AREA 31,000 m²

SO POP TOTAL COST €226 m SHARED AT 50%1

TARGET RENT €420 /m²

YIELD ON COST CMD 2019 101 6.1% AMBITIOUS GREEN CERTIFICATIONS

CMD 2019 101 PARIS SO POP / REDEVELOPMENT-EXTENSION BETWEEN PARIS & ST-OUEN (1/2) 6 RUE FRUCTIDOR, PARIS 17TH

2012 / ACQUISITION OF CITROËN HEADQUARTERS AT 8.1% YIELD

2018 / DEPARTURE OF CITROËN

2019 / BUILDING PERMIT WITH A 70% EXTENSION FROM 18,500 m² TO 31,000 m²

2019 / SYNDICATION OF 49.9% WITH CREDIT AGRICOLE ASSURANCES

2021 / DELIVERY

~70% TARGET VALUE CREATION

CMD 2019 102 LEVALLOIS ALIS / THREE BUILDINGS FOR A PRIME REDEVELOPMENT (1/2) 35 RUE BAUDIN, LEVALLOIS-PERRET

SURFACE AREA 20,500 m²

Thais Delivered in 2016 TOTAL COST €215 m SHARED AT 50%

TARGET RENT €530 /m² ON OFFICES

YIELD ON COST 103 5.0%

CMD 2019 103 LEVALLOIS ALIS / THREE BUILDINGS FOR A PRIME REDEVELOPMENT (2/2) 35 RUE BAUDIN, LEVALLOIS-PERRET

2000 / ACQUISITION OF THE FIRST TWO BLOCKS OF 13,000 m²

2015 / ACQUISITION OF THE THIRD BLOCK OF 4,700 m² AT 6.4% YIELD

JAN. 2019 / DEPARTURE OF LAGARDÈRE

2019 / BUILDING PERMIT WITH A 15% EXTENSION TO 20,500 m²

2022 / EXPECTED DELIVERY

CMD 2019 ~40% TARGET VALUE CREATION 104 THAIS / REDEVELOPMENT OF A FORMER ORANGE BUILDING (1/2) 29 RUE ANATOLE FRANCE, LEVALLOIS-PERRET

Eiffel Tower

Grand Palais

Arc de Triomphe SURFACE AREA 5,600 m² Porte Maillot

RENT ON OFFICES

OCCUPANCY RATE €490 /m² 100% THAIS

Louise Michel

FIRM LEASE TERM 4 YEARS

CMD 2019 105 THAIS / REDEVELOPMENT OF A FORMER ORANGE BUILDING (2/2) 29 RUE ANATOLE FRANCE, LEVALLOIS-PERRET

2003 / ACQUISITION OF THE BUILDING

2014 / DEPARTURE OF ORANGE

2015-2016 / DEMOLITION & RECONSTRUCTION

Q2 2017 / DELIVERY

CMD 2019 81% VALUE CREATION REALISED 106 MAILLOT / ATTRACTIVE LOCATION AT THE NEW PORTE MAILLOT 18 RUE GUSTAVE CHARPENTIER, PARIS 17

Arc de Triomphe

La Grande Armée avenue

SURFACE AREA 9,800 m²

Palais des congrès RENT ON OFFICES

OCCUPANCY RATE Extension of the €480 /m² Parodi square Orange Maillot New access road 100% linking the two avenues BY ORANGE

FIRM LEASE TERM

Charles de Gaulle 2 YEARS avenue

CMD 2019 107 APPENDIX

CMD 2019 108 COVIVIO COMMITTED PIPELINE

Total Total Surface 1 Pre-let Capex to be invested Synthesis of Committed projects Budget 2 Budget 2 Target Yield 3 (m²) (%) (€M, Group share) (€M, 100%) (€M, Group share)

France Offices 210,720 m² 46% 1,412 1,103 5.8% 531

Italy Offices 94,500 m² 68% 424 424 6.4% 164

German Residential 45,271 m² n.a 171 111 4.7% 102

Hotels in Europe 533 rooms 100% 74 30 6.2% 4

Total 51% 2,080 1,668 6.0% 801

1 Surface at 100% 2 Including land and financial costs

CMD 2019 3 Yield on total rents including car parks, restaurants, etc. 109 FRANCE OFFICES COMMITTED PIPELINE

Total Capex to be Total Surface¹ Target rent Pre-let Budget ² invested Committed projects Location Project Delivery Budget² Target Yield³ (m²) (€/m²/year) (%) (€M, Group (€M, Group (€M, 100%) share) share)

Meudon Ducasse Greater Paris Construction 5,100 m² 2020 260 100% 22 22 6.4% 14 Belaïa (50% share) Orly Construction 22,600 m² 2020 198 48% 65 32 >7% 24

IRO Châtillon - Greater Paris Construction 25,600 m² 2020 325 20% 139 139 6.3% 89

Flow Montrouge - Greater Paris Construction 23,500 m² 2020 327 100% 115 115 6.6% 67 Silex II (50% share) Lyon Regeneration-extension 30,900 m² 2020 312 50% 166 83 6.0% 34 Total deliveries 2020 107,700 m² 57% 507 392 6.4% 228 Gobelins Paris 5th Regeneration 4,360 m² 2021 510 100% 50 50 4.3% 20 Montpellier Bâtiment de services Montpellier Construction 6,300 m² 2021 224 8% 21 21 6.7% 15 Montpellier Orange Montpellier Construction 16,500 m² 2021 165 100% 49 49 6.7% 34 Jean Goujon Paris 8th Regeneration 8,460 m² 2021 820 100% 182 182 n.a 36 Paris So Pop (50% share) Paris 17th Regeneration 31,000 m² 2021 > 400 0% 226 113 6.1% 74 N2 (50% share) Paris 17th Construction 15,900 m² 2021 575 0% 162 81 4.6% 65 Levallois Alis Levallois Regeneration 20,500 m² 2022 > 500 0% 215 215 5.0% 59 Total deliveries 2021 and beyond 103,020 m² 40% 905 711 5.3% 303 Total France Offices 210,720 m² 46% 1,412 1,103 5.8% 531

1 Surface at 100% 2 Including land and financial costs

CMD 2019 3 Yield on total rents including car parks, restaurants, etc. 110 FRANCE OFFICES MANAGED PIPELINE

Surface Total Cost Total Cost Projects Location Type 100% 100% Group share m² €M €M Total ~550 000 m² ~€3.3 bn ~€3.2 bn Provence Paris Redevelopment ~7 500 m² Anjou Paris Redevelopment ~10 100 m² Jemmapes Paris Redevelopment ~11 700 m² Carnot Paris Redevelopment ~11 200 m² Laborde Paris Redevelopment ~6 200 m² Bobillot Paris Redevelopment ~3 700 m² Raspail Paris Redevelopment ~7 100 m² Keller Paris Redevelopment ~3 400 m² Voltaire Paris Redevelopment ~10 000 m² Boulogne Molitor Boulogne - Greater Paris Redevelopment ~4 400 m² Levallois Pereire Levallois - Greater Paris Redevelopment ~10 000 m² Rueil Lesseps Rueil - Greater Paris Redevelopment ~40 600 m² St Ouen Victor Hugo St Ouen - Greater Paris Redevelopment ~44 000 m² St Denis Pleyel St Denis - Greater Paris Redevelopment ~15 000 m² Cap 18 Paris Land Banks ~100 000 m² DS Campus Extension 2023 Velizy - Greater Paris Land Banks ~27 500 m² New Velizy Extension Velizy - Greater Paris Land Banks ~14 000 m² Meudon Opale Meudon - Greater Paris Land Banks ~37 000 m² Montpellier Pompignane Montpellier Land Banks ~80 000 m² Jardins de l'Ars Bordeaux Land Banks ~19 200 m² Bordeaux Cité Numérique (land bank) Bordeaux Land Banks ~9 800 m² Lille Flers Lille Land banck ~22 100 m² Silex 3 Lyon Land Banks ~5 900 m² IBIS Part-Dieu land bank Lyon Land Banks ~50 000 m²

CMD 2019 111 CONTACT

Paul Arkwright Hugo Soussan Tel.: +33 1 58 97 51 85 Tel.: +33 1 58 97 51 54 Mobile: +33 6 77 33 93 58 Mobile: +33 6 84 44 95 40 [email protected] [email protected]

Paris 30, avenue Kléber 75116 Paris Tel.: +33 1 58 97 50 00