2020 SUMMARY I. INTRODUCTION & BUSINESS MODEL II. ACTIVITY - - PowerPoint PPT Presentation

SLIDE 1

2020

HALF-YEAR RESULTS

SLIDE 2

I. INTRODUCTION & BUSINESS MODEL II. ACTIVITY H1 2020

• III. H1 RESULTS & GUIDANCE 2020
• IV. PERSPECTIVES

APPENDIX

SUMMARY

2

SLIDE 3

I. INTRODUCTION & BUSINESS MODEL

Paris Carré Suffren Headquarters of AON France

SLIDE 4

ECONOMIC DOWNTURN IN EUROPE…

AN UNPRECEDENTED CRISIS

1 Source: European commission

LOCKDOWN

AND

TRAVEL RESTRICTIONS

GERMANY 10-YEAR BOND YIELD

…BUT NO FINANCIAL CRISIS THANKS TO SUSTAINED LOW RATES

GDP GROWTH EUROPEAN UNION

• 10%
• 6%
• 2%

2%

• 1%

0% 1% 2% 3% 4% 5%

2007 2020F 2018 2015 2013 2011 2009 2007 2020 2018 2015 2013 2011 2009

IN JULY 2020

• 0.45%

IN 2007-09

>3% GDP

forecasted in 20201

• 8.3%

4

SLIDE 5

COVIVIO: A DIVERSIFIED MODEL ABLE TO GET THROUGH THIS CRISIS

% breakdown in Group share. Non strategic = 1% of the portfolio

High-quality assets in strategic locations… …in Paris, Milan & Germany top 5 cities… …attracting a solid tenant base Strategic portfolio with major operators… … facing conjunctural downturn

Resilient revenues & value growth potential Resilient values despite impact on 2020 revenues €25 bn portfolio (€17 bn group share)

€10.2 bn Group share

(€12.4 at 100%)

€4.1 bn Group share

(€6.4 at 100%)

€2.4 bn Group share

(€6.2 at 100%)

60%

OFFICES

24%

RESIDENTIAL

15%

HOTELS

5

SLIDE 6

H1 2020 KEY FIGURES

+1.0%

like-for-like value growth

€400 m

new disposals Group share

with 15% margin

Rating S&P

BBB+

stable outlook

7.1

years average firm lease length

• ccupancy

rate

96% +1.9%

LfL rental growth

• excl. hotels

LfL revenue

• n Hotels
• 51%

OPERATING PROFILE QUALITY PORTFOLIO HEALTHY DEBT PROFILE

41.1%

LTV

6.1x

ICR

6

SLIDE 7

II. H1 2020 ACTIVITY

► Asset rotation acquisition, disposal & development ► Letting activity & rent collection ► Negotiations on hotels leases

Paris 8th Jean Goujon

SLIDE 8

INTEGRATION OF GODEWIND COMPLETED… 89% of shares held +10% put option granted

to one shareholder Delisting effective since May 14th Integration of Godewind teams completed

APPRAISAL VALUE

at end-June

GODEWIND A €1.2 BN PORTFOLIO WITH 10 ASSETS

Frankfurt – Airport Center Frankfurt – City Gate Frankfurt – Comcom Frankfurt – Y2 Düsseldorf – Herzog T. Düsseldorf – Airport Center Hamburg – Zeughaus Hamburg – Pentahof

Munich – Eight Dornach and Sunsquare

+3% VS ACQUISITION PRICE

8

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…LEADING TO A €1.7 BN PORTFOLIO IN TOP 5 GERMAN CITIES

360,000 m² of existing assets valued ~€4,100/m² 100,000 m² of development potential

€0.6 bn Group share of development cost1 including Alexanderplatz project

…IN A MARKET WITH SOUND FUNDAMENTALS2 460,000 M² IN THE TOP 5 GERMAN CITIES...

€1.4 bn group share

Munich

8%

Frankfurt

31%

Dusseldorf

21%

Hamburg

19%

Berlin

21%

3.1%

vacancy rate

60%

pre-let on future supply

stable

Prime & average rents

1 Total estimated cost including land value 2 Source Colliers

9

SLIDE 10

REINFORCEMENT IN GERMANY OVER THE PAST YEARS

Portfolio geographic breakdown

(31/12/2014)

A PREDOMINANTLY FRENCH PORTFOLIO

More German Residential

(+€2.1 bn Group share) Building a prime portfolio Structurally resilient With potential through rental growth & development

Move into German Offices

(+€1.4 bn Group share) Relying on our existing platform To build a critical size portfolio With potential through asset management & development

Portfolio geographic breakdown

(evolution vs 31/12/2014)

40%

• 21 pts

36%

+19 pts

18%

• 2 pts

6%

+4 pts

A EUROPEAN INTEGRATED PORTFOLIO

€25.3 bn

(€16.9 bn Group share)

2015 H1 2020

61% 17% 20% 2%

€16.4 bn

(€9.8 bn Group share)

10

SLIDE 11

DISPOSALS / €400 MILLION WITH +15% MARGIN

Q1 2020

€164 m

at 7% margin

Disposals signed mainly in Q2 2020

Target in Group share

• n track to >€600 million target for 2020

Disposals H1 2020 100% Group share Gross Yield (Group share) Margin (Group share)

France offices €239 m €239 m 4.7% 11% Italy offices €127 m €111 m 3.5% 22% Germany Residential €19 m €12 m 0.9% 81% Hotels €24 m €11 m 6.5% 16% Non-strategic (retail) €59 m €26 m 6.6%

• 0.4%

TOTAL €469 m €400 m 4.4% 14.6%

Q2 2020

€236 m

at 21% margin

11

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FOCUS ON OFFICES DISPOSALS

Mature assets developed by Covivio between 2013 and 2017 Successful asset management

• Maintaining high occupancy: >99%
• Securing long-leases with key

partners of Covivio: >7 years WALT

Value creation potential fully extracted

Disposal agreements on mature office assets in France & Italy

Nanterre - Respiro 11,170 m² / delivered in 2015 Lyon Villeurbanne - Le Patio 12,755 m² / delivered in 2013 Nancy - Origin 3,600 m² / delivered in 2017 Milan - Cernaia 8,300 m² / delivered in 2017

90%

value creation

since delivery

• f the assets
• Incl. disposal

margin

15%

margin

• n disposal vs

end-2019 value

12

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DEVELOPMENTS / TIMELINE EXTENDED BUT VALUE POTENTIAL CONFIRMED…

MINIMAL POSTPONEMENT OF DELIVERIES Only +3 months on average with short-term impact on 2020 revenue Close to no impact on cost

Maximum +1%

6.0% target yield on cost >30% target value creation 51% pre-let on average

• incl. 75% on next 12-months deliveries

See appendix page 59 for more details

Flow Montrouge 100% pre-let Future HQ

• f Edvance,

subsidiary

• f EDF

PROFITABILITY CONFIRMED LETTING RISK UNDER CONTROL

13

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OFFICES IN FRANCE

…THANKS TO STRATEGIC LOCATIONS OF OUR PROJECTS

& Lyon CBD: Silex 2 €1.3 bn Group share €0.3 bn Group share

Paris, Greater Paris and city-center of major regional cities Mainly CBD & Symbiosis area

Symbiosis Via Dante Duca d’Aosta The Sign Via Unione

M4 M4 M2 M2 M1 M1 M1

M5 M3 M3

Linate Airport

M5

Milanofiori Navigli Lorenteggio City Life Maciachini Lambrate / Forlanini

Major business districts

OFFICES IN MILAN RESIDENTIAL IN BERLIN

In sought-after districts

Cœur d’Orly Meudon Ducasse Chatillon IRO Paris 5th Gobelins Levallois ALIS Paris 17th N2 Paris 17th So Pop Montrouge Flow DS campus extension Paris 8th Jean Goujon €0.2 bn Group share

Line 14 of the Grand Paris Line 15

14

SLIDE 15

OFFICE LETTING ACTIVITY / 114,000 M² LET & RENEWED

+4.2 years lease extension +2.2% vs previous IFRS rent

Essentially in Paris and La Défense

28,190 m²

vacated

83,000 m²

renewed

• incl. 38,200 m² negotiated with tenants

in the context of the lockdown

30,800 m²

• f new leases

for 8 years firm on average

Munich Sunsquare 5,000 m² let Turin Corso Ferrucci 6,420 m² let Bordeaux Cité Numérique 2,000 m² let Paris Carré Suffren 1,700 m² let

Slowdown in office market activity: -35% take-up in France, Italy & Germany1… … but Covivio’s letting activity remained active

1 H1 2020 vs H1 2019. Source CBRE & Colliers with -39% in Greater Paris, -31% in Milan and -35% in Germany

15

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GERMAN RESIDENTIAL / EXPLOITING OUR GROWTH DRIVERS

1,250 units relet in H1 2020

In Berlin, activity slowed down in Q2 due to the implementation of the new regulation Mostly in NRW, Dresden & Leipzig with +15% increase on previous rent

52 existing units sold in Berlin

€19 million1 at €4,400 / m²

+81% margin on book value

70 new units pre-sold on the pipeline

€29 million2 at €5,925 / m²

+50% margin on development cost

1 €12 m Group share 2 €15 m Group Share

ACTIVE RELETTING DESPITE THE LOCKDOWN PRIVATIZATIONS OF EXISTING & NEW UNITS

16

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STRONG RENT COLLECTION THANKS TO A SOLID TENANT BASE

EXCLUDING HOTELS

QUALITY TENANTS

91% large corporates

• n offices

& residential tenants

96.4%

Low amount of provisions (€1.5 m) essentially linked to small tenants

&

€5.5 m of rent provisioned

collection rate =€240 m

Offices & Residential

€250 m

gross rental income

Retail

€23 gross rental income

collection rate =€15 m

60%

17

SLIDE 18

HOTELS CLOSED, TRIGGERING NEGOTIATIONS WITH OPERATORS NEGOTIATIONS FINALIZED

with operators representing 66%

• f leased hotel revenues

Help operators with short-term liquidity Switching to monthly payment Granting rent-free period

+4 years firm lease length

• f Covivio

hotels closed

during the lockdown

Reopening since June

Against lease extensions to secure cash-flows

~80%

RevPar

• n Covivio variable leases

& management contracts

• 65%

65% of hotels

• pened at end-June

but occupancy rates remain low (10 to 20%)

14.7 years firm lease length on

average for hotels in lease

18

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III. H1 2020 RESULTS & GUIDANCE 2020

► Revenues ► Financial results

Berlin residential - Kreuzberg

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► Revenues ► Financial results

Berlin residential - Kreuzberg

III. H1 2020 RESULTS & GUIDANCE 2020

SLIDE 21

H1 2020 REVENUES / +1.9% LFL EXCLUDING HOTELS

H1 2020, €million Revenues H1 2019 Group share Revenues H1 2020 100% Revenues H1 2020 Group share % change like-for-like Group share Occupancy rate % Average lease term firm, in years France Offices 115.1 121.0 105.7 +1.0% 95.8% 4.5 Italy Offices 72.9 84.2 64.2 +2.0% 97.8% 7.1 Germany Offices 3.3 27.3 18.4 +2.8% 79.0% 5.1 Germany Residential 76.5 122.5 78.6 +2.9% 98.4% n.a. SUB-TOTAL OFFICES & RESIDENTIAL 267.8 355.1 266.9 +1.9% 95.5% 5.4 Hotels in Europe 59.1 73.1 28.5

• 50.5%

100%1 14.7 TOTAL STRATEGIC ACTIVITIES 326.9 428.2 295.4

• 7.6%

96.1% 7.1 Non-strategic 11.9 10.4 7.0

• 3.5%

97.8% 5.7 TOTAL 338.8 438.6 302.3

• 7.5%

96.1% 7.1

1 On lease properties

21

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OFFICES / +1.4% LFL RENTAL GROWTH

60% OF COVIVIO’S PORTFOLIO

• ccupancy
• ccupancy

Driven by indexation: +1.0% Good performance in Milan1: +3.3%

driven by 2019 reletting

Slight increase outside Milan: +0.6% Historical portfolio in Berlin2: +2.8% LfL Occupancy of Godewind portfolio: 79%

98% 96%

Impact of Wework lease contract termination in Düsseldorf (Herzogterrassen):

• 12 pts of occupancy

Financial agreement reached with WeWork

35%

Covivio portfolio

17% 8%

Office portfolio in France & Italy: sound like-for-like rental growth & high occupancy Office portfolio in Germany: integration of Godewind

1 LfL Milan offices excl. Telecom Italia 2 LfL German offices excludes Godewind

22

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GERMAN RESIDENTIAL REVENUE / +2.9% LFL RENTAL GROWTH

24% OF COVIVIO’S PORTFOLIO

NRW 34% of rents +3.8% LfL rental growth Hamburg 7% of rents +2.6% LfL Berlin 49% of rents +2.3% LfL

First impacts

• f regulation

Regulation effective since February 2020 4 constitutional complaints awaiting decision Judicial review ongoing with the ruling within 24 months

+3.6% +2.3%

Dresden & Leipzig 10% of rents +3.6% LfL

Berlin

Rental growth stays strong

Extracting 15-20% rent reversion potential Mainly through reletting

NRW, Hamburg, Dresden & Leipzig

13% of Covivio’s portfolio 11% of Covivio’s portfolio 23

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HOTELS / FULLY IMPACTED BY LOCKDOWN: -51% LFL REVENUES

15% OF COVIVIO’S PORTFOLIO

1 Rent free periods smoothed over the firm lease length.

Most of the decrease is due to a transition period between two operators on a hotel in Spain

• 100%

100% closed during lockdown Late reopening in July & September at the earliest MAC clause in case of major underperformance

UK PORTFOLIO

• 67%

93% of hotels closed during lockdown Rent indexed

• n turnover

MOSTLY

VARIABLE LEASES

75% of hotels closed during lockdown

• 78%

Exposure to hotel EBITDA

MANAGEMENT CONTRACTS

MOSTLY

• 1.9%1

Agreements reached with 8 operators

OTHER LEASES

4% of Covivio’s portfolio 2% 6% 3%

Accompanying

• perators through

the crisis

24

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► Revenues ► Financial results

Berlin residential - Mitte

III. H1 2020 RESULTS & GUIDANCE 2020

SLIDE 26

H1 2020 VALUATION / RESILIENT VALUES THANKS TO QUALITY ASSETS

PORTFOLIO 100%

€25.3 BN

PORTFOLIO GROUP SHARE

€16.9 BN

H1 2020 LIKE-FOR-LIKE VALUE

+1.0%

FRANCE OFFICES

Paris +2.0% First Ring, Western Crescent & La Défense +1.0% Major Regional cities +1.0%

ITALY OFFICES

Milan +0.5% Rest of Italy

• 2.4%

GERMANY RESIDENTIAL

Berlin +2.2% NRW +7.0% Hamburg, Dresden & Leipzig +6.4%

HOTELS IN EUROPE

Variable lease & management contract

• 3.3%

UK portfolio

• 7.6%

Other leases

• 0.8%

GERMANY OFFICES

+2.6% (excluding Godewind) Godewind1: +3% vs acquisition price

1 Godewind portfolio is not included in the LfL calculation

DRIVEN BY LIKE-FOR-LIKE VALUE GROWTH

+1.4%

• 0.3%

+4.2%

• 3.1%

Development pipeline

+6%

German residential

+4%

26

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SCRIP DIVIDEND 2020 / €343 MILLION CAPITAL INCREASE

between subscription price & current share price1

CHOSEN BY 82.3% OF THE SHAREHOLDERS €343 MILLION CAPITAL INCREASE

€4.8

per share

2019 DIVIDEND

with payment option in shares at a subscription price of €47.80

REWARDED SUPPORT OF OUR SHAREHOLDERS

1 Share price at 20/07/2020

+34%

PERFORMANCE 27

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SOLID DEBT PROFILE

HIGHER ICR

72 378 282 514 1,484 1,233 1,155 2,505 2 361 2020 2021 2022 2023 2024 2025 2026 2027 >2027

Debt maturities (in €million, Group share)

LONG DEBT MATURITY

€500 m bond issued in May to refinance short-term maturities

10-year at 1.625% coupon

close to 5 times oversubscribed

1.31%

82% hedged

LOWER COST OF DEBT

6.1x 6.1 years

stable +0.4x vs 2019

• 24 bps

vs 2019

Rating BBB+, stable outlook

confirmed by S&P

€0.6 bn available cash €1.4 bn of undrawn credit lines

1 Including duties

Strong liquidity of €2.0 bn

LTV

41.1%

<40% policy

& limited short-term debt maturities

See appendix page 93 for more details 28

SLIDE 29

EPRA NAV / +7.4% YEAR ON YEAR

EPRA NAV H1 2020 vs H1 2019

€100.6 / share EPRA NAV H1 2019

€8,794 m

€9,256 m

EPRA NAV END-2019 €105.8 / share

€9,444 m

EPRA NAV H1 2020 €99.8 / share

• 0.8% year-on-year

due to scrip dividend 2020 See appendix page 90 for more details 29

SLIDE 30

EPRA EARNINGS H1 2020 / €192.4 MILLION

EPRA Earnings H1 2019

• €4 m

rental provisions mostly

• n retail

Impact of covid

• €36 m

Asset rotation

• €4 m

+€19 m

acquisition & deliveries

• €23 m

disposals & vacating for development EPRA Earnings H1 2020

• €32 m

hotel revenue

+€5 m

LfL revenue Offices & Residential

+€8 m

decrease

• f

financial costs

Decrease in financial costs +€8 m Strong Offices & Residential +€5 m

€219.7 m

€2.63 / share

EPRA Earnings

• 12.4%

€2.17 / share1

€192.4 m

VS H1 2019

1 Average number of shares H1 2020 of 88,541,092

• 17.4%

due to scrip dividend 2020

€192.4 m

€2.17 / share See appendix page 92 for more details 30

SLIDE 31

GUIDANCE OF EPRA EARNINGS 2020 2020 EPRA EARNINGS GUIDANCE AROUND €380 m

~€4.15 / SHARE

Revised 2020 guidance by ~€100 million due to crisis impacts on:

Mostly on retail

10%

UNPAID RENTS

Decrease in revenues

70%

HOTELS

10%

OFFICES

Slight increase in vacancy

10%

PIPELINE

Delay in deliveries

vs €452 m in 2019

31

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IV. PERSPECTIVES

Paris 5th Gobelins

SLIDE 33

BUILD SUSTAINABLE RELATIONSHIPS AND WELL-BEING

COVIVIO’S PURPOSE & STRATEGY ARE EVEN MORE RELEVANT

New products fitted to client’s needs & evolving usage

Through development pipeline in Paris, Milan and Berlin

Buildings to foster social links, corporate culture and collaboration Accompany our partners in their long-term real estate strategy Care for end-users through high quality & efficient buildings, services & digitalization

BUILD SUSTAINABLE RELATIONSHIPS & WELL-BEING

33

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FIRST ANSWERS TO THIS CHANGING ENVIRONMENT

A steep but conjunctural crisis

HOTELS

Progressive recovery in 2021 / 2022

Confirmed acquisition of 8 hotels in lease in top European destinations, secured end-2019

RESIDENTIAL OFFICE SERVICES TO CLIENTS

Proven resiliency and growing supply needs

Pursue residential development in Germany & transform offices into residential in France

Accelerating trends already identified

Accelerate mature office disposals to reinvest in new buildings

The evolution of real estate usage is ongoing

Intensify services & digitalization strategy launched in 2018

34

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ACCELERATION OF ASSET ROTATION

More mature office disposals…

Laborde – Paris CBD Carnot – Paris CBD

IN PARIS IN MILAN

…to redevelop & build new efficient buildings

6 offices projects & 225 residential units

to be committed by end-2021 in central locations

IN BERLIN

+€400 m

• f mature offices

disposals in the next 12 months

in addition to our regular disposals plan in all our asset classes

Anjou – Paris CBD Corso Italia – Milan CBD Alexanderplatz Residential

6,200 m² 10,100 m² 11,200 m² 12,200 m² 60,000 m² 225 units See appendix page 74 for more details 35

SLIDE 36

TRANSFORMATION OF OBSOLETE OFFICES INTO BUILD-TO-SELL RESIDENTIAL IN FRANCE

130,000 M² IDENTIFIED, MAINLY IN GREATER PARIS, BORDEAUX, NANTES & NICE

representing around €465 m developments

including 3 projects committed to be delivered end-2021 / early 2022

12,200 m² (€44 million) / 100% pre-sold

2018: SETTING-UP A RESIDENTIAL DEVELOPMENT TEAM

Capitalizing on our long-term expertise in France & Germany… …to exploit offices & land banks in our portfolio… …and maximize the disposal value

Meudon Bellevue - 1,800 m² Le Raincy Gambetta - 5,300 m² St Germain-Lès-Corbeil - 5,100 m²

36

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PERSPECTIVES IN HOTELS / A STEEP BUT CONJUNCTURAL CRISIS

1 Including €86 m of capex to be realized 2 Except on the hotel in Nice

€573 million1

€248 m Group share

1,115 rooms Closing postponed to Q3 2020

(vs Q2 initially)

15 years firm lease duration Triple net lease contracts2 with NH Hotels Minimum guaranteed yield of 4.7%

Tourism will come back in top European destinations

CLOSING OF THE ACQUISITION OF 8 HOTELS In the heart of some of the most visited European cities

PALAZZO NAIADI ROME PALAZZO GADDI FLORENCE HOTEL DEI DOGI VENICE HOTEL BELLINI VENICE HOTEL PLAZA NICE HOTEL CARLO IV PRAGUE NY PALACE HOTEL BUDAPEST NY RESIDENCE BUDAPEST

238 rooms / 5* 86 rooms / 4* 64 rooms / 5* 100 rooms / 4* 152 rooms / 5* 152 rooms / 5* 185 rooms / 5* 138 rooms / 5* 37

SLIDE 38

INTENSIFY SERVICES & DIGITALIZATION STRATEGY LAUNCHED IN 2018

A WIDE SERVICE OFFER, RANGING FROM DIGITAL SERVICES TO FULL FLEXIBLE SOLUTION

MILAN VIA DANTE

4,700 m² 2020

PARIS 5th GOBELINS

4,300 m² 2021

PARIS 17TH N2

4,600 m² 2022

DEPLOYING WELLIO

Covivio flex-workspace offer

Paris (x3) Bordeaux Marseille

90%

• pened on

15,200 m² in

5 SITES

average

• ccupancy

in H1 2020

LYON SILEX 2

5,900 m² 2021

Continue to offer this flexible service

5 NEW LOCATIONS

by 2022

38

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APPENDIX

Paris 8th Jean Goujon

SLIDE 40

APPENDIX CONTENTS

• 1. COVIVIO’S ESG STRATEGY

40

• 2. MARKETS

50

• 3. DEVELOPMENT PIPELINE AT END-JUNE 2020

58

• 4. H1 2020 INVESTMENTS & DISPOSALS

74

• 5. PORTFOLIO BREAKDOWN

78

• 6. KEY PERFORMANCE INDICATORS

86

• 7. DEBT PROFILE

93

40

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COVIVIO’S ESG STRATEGY

41

SLIDE 42

A SECTOR AT THE HEART OF SUSTAINABLE DEVELOPMENT STAKES

Our 3 strategic pillars…

COVIVIO’S PURPOSE: BUILD SUSTAINABLE RELATIONSHIPS & WELL-BEING

MAJOR EUROPEAN CITIES DEVELOPMENT PIPELINE CLIENT CENTRICITY

Offer quality locations & proximity to public transport Build energy efficient assets Promote well-being, care and cost efficiency to users

…drive ESG performance

42

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4 AXES FOR OUR ESG POLICIES 4- GOVERNANCE

E S G

1- SUSTAINABLE BUILDINGS 2- COMMUNITIES 3- SOCIAL

43

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COVIVIO CARBON TRAJECTORY: -1/3 OVER 2010-2030

Covivio carbon trajectory

In line with the <2° trajectory of the 2015 Paris agreement

Average carbon weight per m² Average carbon weight per m²

• 17%

at end-2019 Approved by the Science Based Targets initiative since 2018

▪ Over all European activities ▪ Taking into account the whole life cycle of our assets

(construction + refurbishment + operation)

▪ On all emissions scopes (1, 2 and 3) ▪ Without using carbon compensation or green electricity ▪ Compliant with TCFD1 recommendations

1 Task Force on Climate-related Financial Disclosures

• 1/3 carbon weight/m² over 2010-2030

44

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OWNING & DEVELOPING SUSTAINABLE BUILDINGS IN A SUSTAINABLE CITY…

100%

Target 2025

100%

Target 2025

Target

100%

• f new office

development projects with Green areas

1 Already labelled or aiming at the Biodivercity label or equivalent (like Eco-jardin)

84%

GREENER ASSETS CLOSE TO PUBLIC TRANSPORT SUPPORTING BIODIVERSITY

96%

<5’ walk from public transports

230,000 m²

• f offices with a Biodivercity label1

First operator to obtain 100% of assets certified “HQE in Operation” in Germany

in German residential with

45

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…EMITTING LESS CARBON THROUGH LESS ENERGY CONSUMPTION…

FRANCE OFFICES ITALY OFFICES GERMAN RESIDENTIAL HOTELS IN EUROPE

• 40%
• ver 2008-2020
• 35%
• 33%
• 47%
• 1.3%

ACHIEVEMENTS VS TARGET AT END-20191 TARGET

(primary energy consumption measured in kWhpe/m²/year)

• 15%
• ver 2015-2020
• 40%
• ver 2008-2020
• 15%
• ver 2017-2025

✓ ✓

1 Calculations are made by the CSTB and verified by EY in compliance with the EPRA BPRs 46

SLIDE 47

47

…AND GENERATING MORE WELL BEING FOR END-USERS

E

MORE SERVICES MORE WELL-BEING

Offer a digital journey to our clients ► Deployment of our Office service app started in 2020 ► Residential app available to 100% of tenants since June 2019 with already 4,650 users

Covivio#home

Success of our flex-workspace offer

Target 100%

• f office & residential buildings

with a service offer by 2025

Target 100%

• f our new office development

projects with a well-being certification

SLIDE 48

STRENGTHENING SOCIAL COMMITMENTS

SUPPORTING

GENDER EQUALITY & DIVERSITY

For our employees… 50%-50% of men and women in the Group1

Ex-aqueo initiative launched in 2017 to promote women within the Group Gender equality index in France: 97/100

1 On permanent contracts 2 In 2019, on UES France scope

…and on a larger scale

Creation of the Covivio Foundation in 2020 to support equal opportunities, solidarity projects & environmental protection

EMPLOYEE

TRAINING

4%

• f the payroll spent on training2

Campus & training week Graduate program Leadership program

48

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ENSURING EFFECTIVE & EXEMPLARY GOVERNANCE

SUPPORT OF LONG-TERM SHAREHOLDERS AND BEST PRACTICES BOARD COMPOSITION

51%

Free float

27%

Delfin (since 2007)

8%

Crédit Agricole Assurances

(since 2005)

8%

ACM

(since 2003)

7%

Covéa

(since 2003)

€6.0 bn market capitalization1

1 At 20/07/2020

15 members Separate chairman & CEO 40% women members 60% independent members Strong experience with diversity of skills

49

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AN AWARDED CSR STRATEGY

MSCI

2020 Grade: AA

CDP

2019 Grade: A- 2018 Climate A-List Carbon targets SBTi approved

Gaïa Rating

2019 Grade: 90

In the Gaïa Index since 2013 Gaïa Universe: 2nd/230

Indices

FTSE4Good

2019 Grade: 4.4/5 Included since 2011 Financial Times Stock Exchange SD Index

Euronext Vigeo Eiris

2019 Sector Leader Included since 2013 in the indexes: France 20 / Europe 120 / Eurozone 120 / World 120

Ethibel

Sustainability Index Europe Included since 2013

STOXX

Included in the STOXX Europe Sustainability, Global ESG Impact, Governance, Environment, Social, Global Climate Change Leaders

Studies & rating agencies

Euronext

Included in the indices Euronext CDP Environment Eurozone & France since its beginning

DJSI

2019 Grade: 68/100 DJSI World Index since 2013 DJSI Europe Index since 2016

GRESB

2019 Grade: 80/100 Green Star since 2012 Europe – Diversified: 2nd/8

ISS ESG

2020 Grade: B- Prime Universe since 2015

Ecovadis

2019 Grade: 81/100 Gold Level Top 1% World

Vigeo Eiris Corporate Rating

2019 Grade: A1+ Sectorial Rank: 1/84 Europe Rank: 7/1611 Global Rank: 7/4869

SLIDE 51

MARKETS

51

SLIDE 52

Rents

• n new

space

+3%

Greater Paris (€408/m²) vs H1 2019

52

GREATER PARIS OFFICE MARKET

Sources: CBRE, JLL, Crane survey

Take-up H1 2020 Immediate

• ffer

Vacancy rate Future supply

667,500 m²

• 39% year-on-year

New & refurbished space more resilient (-18%)

5.1%

(4.9% at end-2019)

2.4 million m²

45% pre-let excl. La Défense

<3 million m²

+9% vs Dec.19

• nly 21% of new space

4,0% 4,5% 5,0% 5,5% 6,0% 6,5% 7,0% 7,5% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 H1 2020

Vacancy rate in Greater Paris remains historically low

SLIDE 53

MILAN OFFICE MARKET

1 Latest data available at end-March 2020 2 Excluding hinterland, to which Covivio is not exposed

Sources: CBRE, JLL, Colliers

Take-up H1 2020 Immediate

• ffer 1

Vacancy rate 1 Prime rent

160,000 m²

• 30% year-on-year
• n par with the 10-year average
• f which 70% of grade A offices

4.2% in Milan 2

1.7% on Grade A offices

€600/m² stable 750,000 m²

• 16% vs Q1 2019 2
• f which less than 20% of new space

CBD Stock 2,2 million m² 2019 take-up 132,200 m² Prime rent €600/m² Grade A vacancy rate 2.8% Center Stock 714,000 m² 2019 take-up 33,000 m² Prime rent €500/m² Grade A vacancy rate 0.9% Semicenter Stock 2,8 million m² 2019 take-up 67,000 m² Prime rent €415/m² Grade A vacancy rate 0.4% Periphery Stock 3,5 million m² 2019 take-up 132,000 m² Prime rent €290/m² Grade A vacancy rate 1.2%

Milan Office Sub-markets

53

SLIDE 54

GERMANY OFFICE MARKET

Take-up H1 2020 Vacancy rate Future supply (available) Prime Rents

1.3 million m²

• 33% year-on-year

2 million m²

50% of 2019 take-up

Stable

Average rents increased in Berlin (+6%) and in Munich (+10%) Top 7 cities

3.1% (+20 bps)

1.2% in Berlin

Munich 2019 take-up 770,400 m² Vacancy rate 2.7% Future supply 275,000 m² Prime rents €39.5/m² Frankfurt 2019 take-up 550,500 m² Vacancy rate 6.9% Future supply 226,000 m² Prime rents €45.5/m² Düsseldorf 2019 take-up 475,000 m² Vacancy rate 5.5% Future supply 101,000 m² Prime rents €28.5/m² Hamburg 2019 take-up 535,400 m² Vacancy rate 2.8% Future supply 264,000 m² Prime rents €30.0/m² Berlin 2019 take-up 1,030,000 m² Vacancy rate 1.2% Future supply 846,000 m² Prime rents €39.9/m² Stuttgart 2019 take-up 312,100 m² Vacancy rate 2.2% Future supply 144,000 m² Prime rents €25.5/m² Cologne 2019 take-up 275,000 m² Vacancy rate 2.5% Future supply 134,000 m² Prime rents €25.0/m²

Source: Colliers

54

SLIDE 55

EUROPEAN HOTEL MARKET / AN UNPRECEDENTED CRISIS…

LOCKDOWN & TRAVEL RESTRICTIONS

forcing hotels to close from March to June

• 56%
• 61%
• 53%
• 54%
• 69%
• 63%
• 57%

RevPar evolution at end-May YTD

• %

EU Borders reopening since 15/06 Late reopening (borders, mandatory quarantine)

• 57% RevPar YTD at end-May

Including -95% in April & May

START OF REOPENING SINCE JUNE

Most European borders are reopening Hotels & restaurants as well UK lagging with restrictions lifted in July

Source: MKG

55

SLIDE 56

…BUT EUROPEAN MARKET FUNDAMENTALS ARE SOLID

90% of overnight stays in EU are from EU residents

• incl. 50%

from domestic clients ~60% ~85% ~80% ~55%

Share of domestic clientele

more than 80%

• f residents plan a holiday trip in the next 12 months1

1 Google travel intent survey conducted in April 2020 in France, Germany, Italy, Spain and the UK

Sources: Eurostat & Jefferies 56

SLIDE 57

57

GERMANY RESIDENTIAL MARKET

▪ In February 2020, the city of Berlin implemented a law to freeze the housing rents for 5 years and set rent caps on most residential units. Housings built after 2014, public housings and subsidized housings are excluded. ▪ An increase may be possible from 2022, up to the level of inflation (about 1.3%) without exceeding the rent ceilings. Rent ceilings can be increased by the Berlin Senate in line with real wages increase two years after the law is enacted. ▪ Reversal of rent increases since 18 June 2019 back to the rent levels agreed as of that date, except for new leases signed subsequent to that date. ▪ Application of a rent cap, for reletting and current leases, defined according to the year of construction

• f the building and the equipment of the dwelling.

▪ Excessive rent above 120% of the rent ceiling to be reduced to the 120% level, adjusted for the quality

• f the location, probably applicable from the last quarter of 2020.

▪ Increase in rents in case of energetic modernization or upgrading to accessibility standards for people with reduced mobility: +1 €/m². ▪ The law is being challenged in court: on 6 May 2020, CDU/CSU and FDP members of the Federal Parliament brought legal action before the Federal Constitutional Court against this new Berlin law

• 10 K

10 K 30 K 50 K 70 K 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 New residents New appartments

Housing shortage… …driving-up rents… …and prices

c.400,000 new units

needed per year in Germany vs 293,000 delivered in 2019

+11.8% in 2019 +3.5% in 2019

Existing shortage in Berlin: 200,000 units Focus on Berlin new regulation

Sources : Europace, Guthman Real Estate

SLIDE 58

€67 billion €23 billion

*Investor survey by C&W in France & Italy with 250 investors in April & May 2020 Sources: CBRE, JLL, Colliers, C&W

€6.0 bn

• 32% vs H1 2019

Prime yields stable (2.75% Paris CBD)

€1.3 bn

+6.7% vs H1 2019 Prime yields stable (3.3%)

€8.8 bn

Stable vs H1 2019 (-1%) Prime yields lower (2.75%)

€12.5 bn

+96% vs H1 2019 (Adler mega deal)

Greater Paris Office Milan Office Germany Office Germany Residential

VS

READY TO BE INVESTED* READY TO BE SOLD* EUROPEAN INVESTMENT MARKET

58

SLIDE 59

COMMITTED PIPELINE

59

SLIDE 60

6.0%

yield on cost

€1.8 bn

cost Group share

COMMITTED DEVELOPMENT DELAYED BY 3 MONTHS ON AVERAGE

11 office projects in Greater Paris & Milan & 243 residential units in Berlin

Beyond 12 months

Deliveries essentially in 2022 and 2023

85% of projects in Paris inner-city (CBD & 17th) & Levallois, Lyon CBD, & Milan (CBD & Symbiosis)

€315 m €204 m €501 m €306 m €232 m €7 m €321 m €308 m €281 m €360 m €383 m €150 m H2 2020 H1 2021 H2 2021 H1 2022 H2 2022 H1 2023

Previous schedule Updated schedule Cost in Group share €x % pre-let x%

Next 12 months

75% pre-let

10 prime buildings & 650 residential units in high-quality locations

54% 92% 35% 50% 10% 54%

51%

pre-let

>30%

Target margin

60

SLIDE 61 1 Surface at 100% 2 Including land and financial costs 3 Yield on total rents including car parks, restaurants, etc.

COMMITTED PIPELINE AT END-JUNE 2020 / €2.3 BILLION AT 100% (1/3)

€1.8 BN GROUP SHARE

Synthesis of Committed projects Surface 1 (m²) Pre-leased (%) Total Budget 2 (€M, 100%) Total Budget 2 (€M, Group share) Target Yield 3 France Offices 256,960 m² 48% 1,642 1,255 5.9% Italy Offices 65,100 m² 59% 338 338 6.4% German Residential 64,800 m² n.a 256 166 4.8% French Residential 12,300 m² n.a 44 44 n.a Hotels in Europe 108 rooms 100% 8 2 6.0% Total 399 160 m² & 108 rooms 51% 2,288 1,804 6.0%

1 Surface at 100%, 2 Including land and financial costs, 3 Yield on total rents including car parks, restaurants, etc

61

SLIDE 62

Committed projects Location Project Surface¹ (m²) Delivery Target rent (€/m²/year) Pre-leased (%) Total Budget² (€M, 100%) Total Budget ² (€M, Group share) Target Yield³ Meudon Ducasse Meudon - Greater Paris Construction 5,100 m² 2020 260 100% 23 23 6.1% Belaïa (50% share) Orly - Greater Paris Construction 22,600 m² 2020 198 47% 66 33 >7% IRO Châtillon-Greater Paris Construction 25,600 m² 2020 325 20% 138 138 6.4% Total deliveries 2020 53,300 m² 34% 227 194 6.6% Flow Montrouge - Greater Paris Construction 23,600 m² 2021 327 100% 115 115 6.6% Gobelins Paris 5th Regeneration 4,360 m² 2021 510 100% 50 50 4.3% Silex II (50% share) Lyon Regeneration 30,900 m² 2021 312 53% 169 85 5.8% Montpellier Bâtiment de services Montpellier Construction 6,300 m² 2021 224 8% 21 21 6.7% Montpellier Orange Montpellier Construction 16,500 m² 2021 165 100% 49 49 6.7% Total deliveries 2021 81,660 m² 81% 404 320 6.1% Jean Goujon Paris 8th Regeneration 8,600 m² 2022 n.a 100% 189 189 n.a Paris So Pop (50% Share) Paris 17th Regeneration 31,300 m² 2022 430 0% 230 115 6.1% N2 (50% share) Paris 17th Construction 15,600 m² 2022 575 34% 168 84 4.2% Levallois Alis Levallois - Greater Paris Regeneration 19,800 m² 2022 530 0% 210 210 5.0% Bordeaux Jardins de l'Ars Bordeaux Construction 19,200 m² 2023 220 0% 72 72 6.1% DS Extension 2 (50% share) Vélizy - Greater Paris Regeneration-Extension 27,500 m² 2023 325 100% 141 71 >7% Total deliveries 2022 and beyond 122,000 m² 35% 1,011 741 5.5% Total France Offices 256,960 m² 48% 1,642 1,255 5.9%

1 Surface at 100% 2 Including land and financial costs 3 Yield on total rents including car parks, restaurants, etc.

COMMITTED PIPELINE AT END-JUNE 2020 / €2.3 BILLION AT 100% (2/3)

€1.8 BN GROUP SHARE

Wellio 34% Wellio 15% Wellio 50% Wellio

62

SLIDE 63

COMMITTED PIPELINE AT END-JUNE 2020 / €2.3 BILLION AT 100% (3/3)

€1.8 BN GROUP SHARE

1 Surface at 100% 2 Including land and financial costs 3 Yield on total rents including car parks, restaurants, etc.

Committed projects Location Project Surface¹ (m²) Delivery Target rent (€/m²/year) Pre-leased (%) Total Budget² (€M, 100%) Total Budget ² (€M, Group share) Target Yield³ Symbiosis School Milan Construction 7,900 m² 2020 230 99% 22 22 >7% Dante 7 Milan Regeneration 4,700 m² 2020 560 100% 58 58 4.5% Duca d'Aosta Milan Regeneration 2,600 m² 2020 457 100% 13 13 >7% Total deliveries 2020 15,200 m² 100% 93 93 5.8% The Sign B+C Milan Construction 16,900 m² 2021 280 94% 68 68 >7% Symbiosis D Milan Construction 18,500 m² 2021 315 35% 91 91 6.8% Unione Milan Regeneration 4,500 m² 2021 480 0% 44 44 5.4% Vitae Milan Construction 10,000 m² 2022 315 18% 42 42 6.5% Total 2021 deliveries and beyond 49,900 m² 45% 245 245 6.6% Total Italy Offices 65,100 m² 59% 338 338 6.4% German residential - deliveries 2020 Berlin Construction 13,800 m² 2020 n.a n.a 53 34 4.3% German residential - deliveries 2021 and beyond Berlin Construction 51,000 m² 2021 & Beyond n.a n.a 203 132 4.8% Total German Residential 64,800 m² n.a 256 166 4.8% Total French Residential Greater Paris Construction 12,300 m² 2021 & Beyond n.a n.a 44 44 n.a B&B Bagnolet (50% shares) Greater Paris Construction 108 rooms 2020 n.a 100% 8 2 6.0% Total Hotels in Europe 108 rooms 100% 8 2 6.0% Wellio

63

SLIDE 64

Belaïa ORLY

22,600 m² / €33 m1

H2 2020 / 47% pre-let Flow MONTROUGE

23,600 m² / €115 m

H1 2021 / 100% pre-let

HIGH-QUALITY PROJECTS TO BE DELIVERED IN THE NEXT 12 MONTHS

11 OFFICES (136,200 m²) / 214 RESIDENTIAL UNITS (13,800 m²)

6.4%

YIELD ON COST

>30%

TARGET VALUE CREATION

75%

PRE-LET

1 In Group share

IRO CHATILLON

25,600 m² / €138 m

Symbiosis School MILAN

7,900 m² / €22 m

Gobelins PARIS

4,360 m² / €50 m

Ducasse School MEUDON

5,100 m² / €23 m

Via Dante MILAN

4,700 m² / €58 m

Duca D’Aosta MILAN

2,600 m² / €13 m

BERLIN RESIDENTIAL

13,800 m² / €34 m1

The Sign MILAN

16,900 m² / €68 m

H2 2020 / 20% pre-let H1 2021 / Wellio site H2 2020 / 100% pre-let H2 2020 / 100% pre-let H2 2020 / Wellio site H2 2020 / 100% pre-let H1 2021 / fully pre-let H2 2020 64

SLIDE 65

IRO & FLOW / TWO SMART & ATTRACTIVE DEVELOPMENTS

MALAKOFF-MONTROUGE-CHATILLON BUSINESS DISTRICT

New space available under construction until 2022 Only IRO

Office stock

~1 million m²

€138 m total cost 6.4% yield on cost 20% pre-let €115 m total cost 6.6% yield on cost 100% pre-let to EDF

FLOW – 23,600 m² IRO – 25,600 m² MARKET

Malakoff - Montrouge - Châtillon

1 Average 2017-2019

Source: CBRE, Crane Survey 65

SLIDE 66 1 Average 2017-2019

Source: CBRE, Crane Survey

N2 project (15,600 m², mixed-use) Committed with delivery in 2022 New Paris courthouse

Office stock 1.2 million m²

€230 m total cost

shared at 50%

6.1% yield on cost Delivery 2022

SO POP – 31,300 m² MARKET

Paris 17 North-Clichy-St Ouen

Annual take-up1 124,000 m² 50% on new space New space available under construction until 2022 60,000 m² per year

PARIS SO POP / IN A GROWING AND ATTRACTIVE BUSINESS DISTRICT

FULL URBAN REGENERATION OF A BUSINESS DISTRICT AROUND THE LINE 14 OF THE GRAND PARIS EXPRESS

66

SLIDE 67

SILEX 2 / PRIME LOCATION IN LYON CBD

Infrastructure under renovation or construction (train station, residential, shopping mall) Office deliveries 2022 & later

Tramway 30 min to airport

Office deliveries 2021 –Silex 2

Metro & Tramway

Lyon Part-Dieu business district

New space available under construction until 2022

Only Silex2

Office Stock

>1 million m²

Source: JLL

€169 m total cost shared at 50% 5.8% yield-on-cost 53% pre-let / Delivery 2021

SILEX 2 – 30,900 m² MARKET

67

SLIDE 68

VÉLIZY / NEW TURNKEY DEVELOPMENT FOR DASSAULT SYSTEMS

Delivery

• f a 56,600 m²

campus Additional 12,800 m² building End-2019 Commitment

• f a third

building

& lease extension until 2032

• n the whole 97,000 m² campus

€141 m

TOTAL COST

SHARED AT 50%

ASSET SHARED AT 50% WITH CRÉDIT AGRICOLE ASSURANCES

>7%

YIELD ON COST

~30%

TARGET VALUE CREATION

27,500 m²

2008 2016

Extension 2023 Initial campus 2008 Extension 2016

68

SLIDE 69

MANAGED PIPELINE

69

SLIDE 70

Projects Type Location Area Project Surface 1 (m²) Commitment Timeframe Laborde Office France Paris CBD France Regeneration 6,200 m² 2021 Villeneuve d'Ascq Flers Office France Lille France Construction 22,100 m² 2021 Carnot Office France Paris CBD France Regeneration 11,200 m² 2021-2022 Anjou Office France Paris CBD France Regeneration 10,100 m² 2021-2022 Opale Office France Meudon - Greater Paris France Construction 37,200 m² 2021-2022 Cité Numérique - Terres Neuves Office France Bordeaux France Construction 9,800 m² 2021-2022 Sub-total short-term projects 96,600 m² Provence Office France Paris France Regeneration 7,500 m² 2022-2023 Voltaire Office France Paris France Regeneration 14,000 m² 2022-2023 Keller Office France Paris France Regeneration 3,400 m² 2022-2023 Bobillot Office France Paris France Regeneration 3,700 m² 2022-2023 Raspail Office France Paris France Regeneration 7,100 m² 2022-2023 Jemmapes Office France Paris France Regeneration 11,600 m² 2022-2023 Levallois Pereire Office France Levallois - Greater Paris France Regeneration 10,000 m² 2022-2023 Boulogne Molitor Office France Boulogne - Greater Paris France Regeneration 4,400 m² 2022-2023 Rueil Lesseps Office France Rueil-Malmaison - Greater Paris France Regeneration - Extension 41,700 m² 2022-2023 Campus New Vélizy extension (50% share) Office France Vélizy - Greater Paris France Construction 14,000 m² 2022-2023 Sub-total mid-term projects 117,400 m² Cap 18 Office France Paris France Construction 90,000 m² >2024 St Denis Pleyel Office France Saint Denis - Greater Paris France Regeneration 14,400 m² >2024 Saint Ouen Victor Hugo Office France Saint Ouen - Greater Paris France Regeneration 36,600 m² >2024 Dassault Campus extension 3 (50% share) Office France Vélizy - Greater Paris France Construction 29,000 m² >2024 Silex 3 Office France Lyon France Construction 5,900 m² >2024 Lyon Ibis Part-Dieu - Bureaux (43% share) Office France Lyon France Regeneration 50,000 m² >2024 Montpellier Pompignane Office France Montpellier France Construction 72,300 m² >2024 Toulouse Marquette Office France Toulouse France Regeneration 7,500 m² >2024 Sub-total long-term projects 305,700 m² Total France Offices 519,700 m²

MANAGED PIPELINE AT END-JUNE 2020 / €6 BILLION AT 100% (1/2)

€5 BN GROUP SHARE

1 Surface at 100%

70

SLIDE 71

MANAGED PIPELINE AT END- JUNE 2020 / €6 BILLION AT 100% (2/2)

€5 BN GROUP SHARE

1 Surface at 100%

Projects Type Location Area Project Surface 1 (m²) Commitment Timeframe Corso Italia Office Italy Milan Italy Regeneration 12,200 m² 2020 The Sign D Office Italy Milan Italy Construction 11,500 m² 2021 Symbiosis - other buildings Office Italy Milan Italy Construction 77,500 m² 2021 & beyond Total Italy Offices 101,200 m² Alexanderplatz - 1st tower Mixed-use Berlin Germany Construction 60,000 m² 2020 Alexanderplatz - 2nd tower Mixed-use Berlin Germany Construction 70,000 m² >2024 Additonal constructibilty (Hotels portfolio) Mixed-use France, UK, Germany Europe Construction 50,000 m² >2024 Mixed-Use 180,000 m² Reno Office Germany Berlin Germany Regeneration 13,100 m² 2020 Beagle Office Germany Berlin Germany Construction 7,700 m² 2020-2021 Sunsquare Office Germany Munich Germany Construction 18,000 m² 2021 German Offices Berlin Construction 38,800 m² 2020-2021 German Residential Residential Berlin Germany Extensions & Constructions 235,000 m² 2021 & beyond French Residential Residential Greater Paris France Construction 120,000 m² 2022 & Beyond

71

SLIDE 72

OFFICE FRANCE / GROWTH POTENTIAL THROUGH DEVELOPMENT

… including 3 projects in Paris CBD to be launched in 2021 & delivered in 2023 / 2024 Total cost ~ €480 m Value creation target >40% Laborde – Paris 8th

6,200 m²

Anjou – Paris 8th

10,100 m²

Carnot – Paris 17th

11,200 m²

A total of €3.0 bn / 520,000 m² of Parisian assets with high potential for transformation…

Jemmapes Bobillot Raspail Keller Provence

Laborde Anjou Carnot

Voltaire Boulogne Molitor Pereire

Occupied assets with potential Committed developments Already transformed

Carré Suffren Art&Co The Line Percier Maillot Ménilmontant

• P. Auguste

Gutenberg Gobelins Littre Montmartre N2 Batignolles Steel

• J. Goujon

Current passing rent €540/m² Current value €12,850/m²

72

SLIDE 73

DEVELOPMENTS IN BERLIN OFFICES

~88 m total cost on Berlin projects

6% target yield-on-cost 2019

Pre-building permit

• btained

& launch

• f the preparatory

construction works

2020

Expected obtention

• f the building permit

2024

Delivery

Beyond

Additional 70,000 m² building

Schöneberg district Aldershof district

~€500 m total cost

~5% target yield on cost

60,000 m² mixed-use project

in Berlin Alexanderplatz

38,800 m² of development secured

in Berlin & Munich

Offices / Residential / Retail Including one project to be committed in 2020 in Berlin

Mitte Pankow Reinickendrof Spandau Charlottenburg

• Wilmersdorf

Steglitz-Zehlendrof Treptow- Köpenick Lichtenberg Marzahn- Hellersdorf Friedrischshain- Kreuzberg Temperlhof- Schöneberg

Schönberg project

13,100 m² ~€63 m cost

Aldershöf project

7,700 m² ~€25 m cost

Neukölln

73

SLIDE 74

MILAN SYMBIOSIS / GROWING & SUCCESSFUL BUSINESS DISTRICT

A+B D C+E F G+H Vitae School

Symbiosis A&B 20,500 m²

Delivered in 2018 100% let to Fastweb

Symbiosis School 7,900 m²

Delivery in 2020 100% pre-let to ICS International School

Symbiosis D 18,500 m²

Delivery in 2021 35% pre-let to Boehringer Ingelheim

Vitae 10,000 m²

Delivery in 2022 18% pre-let

Managed projects (C+E+F+G+H) 77,500 m²

Expected launch in 2020 & 2021

~135,000 m² of existing & potential offices

74

SLIDE 75

H1 2020 INVESTMENTS & DISPOSALS

75

SLIDE 76

H1 2020 INVESTMENTS / €1.4 BILLION

€1.2 BILLION GROUP SHARE

(€ million including duties) Acquisitions H1 2020 realized Development Capex H1 2020 Acquisitions 100% Acquisitions Group Share Yield Group Share Capex 100% Capex Group share France Offices

• 100

82 Italy Offices

• 31

31 Germany Offices 1,215 1,073 3.6% 16 16 Germany Residential 11 7 4.2% 24 16 Hotels in Europe

• 13

6 Total 1,226 1,079 3.6% 196 162

1 Target yield on acquisitions

76

SLIDE 77

H1 2020 DISPOSALS / €400 MILLION GROUP SHARE

(€ million) Disposals (agreements as

• f end of 2019

closed) Agreements as of end

• f 2019

to close New disposals H1 2020 New agreements H1 2020 Total H1 2020 Margin vs 2019 value Yield Total Realized Disposals 1 2 3 = 2 + 3 = 1 + 2 France Offices 100 % 1 54 83 156 239 11.0% 4.7% 84 Group share 1 54 83 156 239 11.0% 4.7% 84 Italy Offices 100 % 57 15

• 127

127 18.9% 3.6% 57 Group share 56 15

• 111

111 22.4% 3.5% 56 Germany Residential 100% 11 1 10 9 19 80.9% 0.9% 21 Group share 7 1 6 6 12 80.7% 0.9% 13 Hotels in Europe 100 % 120 13

• 24

24 15.6% 6.5% 120 Group share 47 5

• 11

11 15.6% 6.5% 47 Non-strategic (France Residential, Retail in France and Italy) 100 % 23 33 59 59

• 0.3%

6.7% 24 Group share 23 33 26 26

• 0.4%

6.6% 23 Total 100 % 213 116 94 375 469 13.4% 4.6% 306 Group share 134 108 90 309 400 14.6% 4.4% 224

77

SLIDE 78

PORTFOLIO

78

SLIDE 79

FRANCE OFFICES PORTFOLIO

A €7.1 BN PORTFOLIO

€5.9 bn in Group share 5.0% rental yield 97% of the portfolio in strategic locations (Paris, the Inner Ring and the Major regional cities) 13% Major Regional Cities 40% Paris 23% Western Crescent and La Défense 20% 1st Ring 1% 2nd Ring 2% Regions

PARIS CENTER OUEST LA DÉFENSE REST OF PARIS WESTERN CRESCENT VÉLIZY MEUDON FIRST RING COVIVIO ASSETS (% of the portfolio in Group share)

MAJOR BUSINESS DISTRICTS

1-3 % <1 % 3-6 % 6-9 % 9-12 % 20 %

Covivio’s Greater Paris Portfolio

% value

• Group share

Rueil-sur-Seine

79

SLIDE 80

ITALY OFFICES PORTFOLIO

Milan: a €2.3 bn portfolio (€2.2 billion Group share) focused on the best locations

16% Periphery

Rental portfolio Developments

26% Center & Semi-Center Centre Semi-centre Periphery CBD Porta Nuova

M4 M4 M2 M2 M1 M1 M1

M5 M3 M3

Linate Airport

M5

Milanofiori Navigli Lorenteggio City Life Certosa Maciachini Bicocca Lambrate / Forlanini Ripamonti

55% CBD & Porta Nuova % value excl. Telecom Italia

• Group share

Milan

89%

Outside Milan 11% RENTAL YIELD

5.3%

PORTFOLIO 100%

€3.6 BN

PORTFOLIO GROUP SHARE

€3.0 BN

Focusing on Milan (excl. Telecom Italia)

% value Telecom Italia portfolio

• Group share

Others 27% Milan 22% Turin 4% Rome 12% North of Italy 35%

Telecom Italia 11 years WALL / 100% occupancy

80

SLIDE 81

GERMANY OFFICES PORTFOLIO

RENTAL YIELD

3.5%

PORTFOLIO 100%

€1.7 BN

PORTFOLIO GROUP SHARE

€1.4 BN

Berlin 21% Frankfurt 31% Düsseldorf 21% Hamburg 19% Munich 8% Other 1%

100% in the Top 5 cities

+€0.6 bn of development potential

Frankfurt – City Gate % value

• Group share

81

SLIDE 82

GERMANY OFFICES PORTFOLIO / DÜSSELDORF – HERZOGTERRASSEN

Düsseldorf – Herzogterrassen

▪ Düsseldorf CBD ▪ Metro stations at 5 min walk ▪ 10 min from central train station ▪ Düsseldorf airport at 10 km ▪ 55,700 m² office building ▪ Occupancy: 61% due to the financial agreement reached with WeWork (21,600 m²) to terminate their lease contract ▪ WALB / WALT: 5.7 years ▪ Blue-chip tenants (NRW Bank, Oddo, Helaba, Mitsui…) ▪ 2019 take-up: 475,000 m² / +40% year-on-year ▪ Vacancy rate: 5.5% (4.8% in CBD) / -0.4 pt vs end-2019 ▪ Future supply: 101,000 m² / 20% of 2019 take-up ▪ Average rent: €17.2/m² / stable vs end-2019

CBD

AN ATTRACTIVE LOCATION IN DÜSSELDORF CBD STRONG RENTAL UPSIDE THROUGH LEASE-UP DÜSSELDORF OFFICE MARKET

82

SLIDE 83

GERMAN RESIDENTIAL PORTFOLIO

Berlin: a €3.6 billion portfolio (€2.3 bn Group share) focused on the best locations

Basic locations Average locations 5% of the portfolio Good locations 23% of the portfolio Prime locations

72% of the portfolio

Covivio Assets Sources: Engel & Volkers

1 Ground floor retail, car parks

40% Residential 7% Hamburg 9% Commercial1 49% Berlin 10% Dresden & Leipzig 34% NRW RENTAL YIELD

3.9%

PORTFOLIO 100%

€6.4 BN

PORTFOLIO GROUP SHARE

€4.1 BN

% revenue in Group share

83

SLIDE 84

France 35% Germany 26% UK 15% Spain 12% Belgium 6% Other 6% % value2

1 Cities with >2 million overnight stay per year 2 At-end June 2020, excl. the acquisition to be realized in Q3 2020

…WITH SOUND PROFITABILTY PROFILE

PORTFOLIO2

€2.4 BN

Group share

15

Major hotel

• perators

Paris Lille Lyon Madrid Barcelona Nice Edinburgh London Brussels Amsterdam Munich Berlin Krakow Warsaw

~35%

EBITDAR Margin in 2019

~1.8x

rent cover1 in 2019

CENTRAL LOCATIONS + PROFITABLE ASSETS = STRATEGIC HOTELS FOR OPERATORS

87% IN MAJOR EUROPEAN CITIES1…

HOTELS / A UNIQUE PORTFOLIO ABLE TO FACE A CONJUNCTURAL CRISIS

84

SLIDE 85

27% 17% 11% 11% 7% 7% 3% 2% Other 15% 38 % Midscale 27% Economic 35% Upscale

COVIVIO HOTEL PORTFOLIO / DIVERSIFIED BY TENANT & SEGMENT

% revenue1 in Group Share % value in Group Share

B&B RHG Marriott NH Hotels Hotusa Barcelo Accor IHG

1 Based on 2019 annualized revenues 85

SLIDE 86

FINANCIAL & OPERATIONAL KEY PERFORMANCE INDICATORS

86

SLIDE 87

REVENUE H1 2020 / -7.5% LFL RENTAL GROWTH

1 LfL: Like-for-like

100% Group share (€ million) H1 2019 H1 2020 Change (%) H1 2019 H1 2020 Change (%) Change (%) LfL 1 % of revenue France Offices 130.3 121.0

• 7.1%

115.1 105.7

• 8.2%

+1.0% 35% Paris 42.6 43.7 +2.6% 40.0 40.8 +2.1% +3.1% 13% Greater Paris (excl. Paris) 66.2 57.7

• 12.8%

54.4 45.9

• 15.6%
• 0.2%

15% Major regional cities 14.2 12.9

• 9.1%

13.4 12.1

• 9.7%

+4.6% 4% Other French Regions 7.4 6.8

• 7.2%

7.4 6.8

• 7.2%
• 11.3%

2% Italy Offices 94.5 84.2

• 10.9%

72.9 64.2

• 12.0%

+2.0% 21% Offices - excl. Telecom Italia 50.4 43.3

• 14.1%

50.4 43.3

• 14.1%

+2.8% 14% Offices - Telecom Italia 44.0 40.9

• 7.1%

22.5 20.9

• 7.1%

+0.5% 7% German Offices 5.1 27.3 n.a 3.3 18.4 n.a +2.8% 6% Berlin 4.1 5.1 +24.0% 2.7 3.6 +35.6% +1.9% 1% Other cities 1.0 22.2 n.a 0.6 14.8 n.a +6.8% 5% German Residential 119.2 122.5 +2.8% 76.5 78.6 +2.9% +2.9% 26% Berlin 58.6 59.5 +1.6% 37.8 38.5 +1.7% +2.3% 13% Dresden & Leipzig 12.0 12.3 +2.8% 7.6 7.9 +3.1% +3.6% 3% Hamburg 7.9 8.1 +2.3% 5.2 5.3 +2.3% +2.6% 2% North Rhine-Westphalia 40.7 42.6 +4.6% 25.8 27.0 +4.6% +3.8% 9% Hotels in Europe 148.9 73.1

• 50.9%

59.1 28.5

• 51.8%
• 50.5%

9% Hotels - Lease Properties 117.7 69.8

• 40.7%

46.1 27.1

• 41.3%
• 41.8%

9% France 48.2 26.7

• 44.5%

16.2 8.6

• 47.1%
• 47.3%

3% Germany 16.8 15.9

• 5.4%

7.1 6.8

• 4.9%
• 1.8%

2% UK 22.1

• 100.0%

9.5

• 100.0%
• 100.0%
• Spain

17.1 15.5

• 9.6%

7.4 6.7

• 9.6%
• 9.9%

2% Belgium 7.3 4.8

• 34.3%

3.2 2.1

• 35.1%
• 34.5%

1% Others 6.2 6.9 +11.1% 2.7 3.0 +10.5%

• 3.4%

1% Hotels - Operating Properties (EBITDA) 31.2 3.3

• 89.3%

13.0 1.4

• 89.3%
• 78.0%

0% Total strategic activities 497.9 428.2

• 14.0%

326.9 295.4

• 9.6%
• 7.6%

98% Non-strategic 15.5 10.4

• 32.8%

11.9 7.0

• 41.5%
• 3.5%

2% Retail Italy 5.9 4.0

• 32.6%

5.9 4.0

• 32.6%
• 3.6%

1% Retail France 6.3 6.1

• 3.3%

2.7 2.6

• 2.3%
• 3.2%

1% Other (France Residential) 3.3 0.3

• 89.6%

3.3 0.3

• 89.6%

n.a. 0% Total revenues 513.4 438.6

• 14.6%

338.8 302.3

• 10.8%
• 7.5%

100%

87

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PORTFOLIO H1 2020 / +1.0% LFL VALUE GROWTH

1 LfL: Like-for-like 2 Yield excluding development projects 3 Yield excluding car parks

(€ million, Excluding Duties) Value 2019 Group Share Value H1 2020 100% Value H1 2020 Group share LfL 1 6 months change Yield ² 2019 Yield ² H1 2020 % of portfolio France Offices 5,759 7,120 5,857 +1.4% 5.1% 5.0% 35% Italy Offices 2,976 3,643 2,953

• 0.3%

5.4% 5.3% 17% German Offices 251 1,670 1,381 +2.6% n.a. 3.5% 8% Residential Germany 3,962 6,414 4,123 +4.2% 4.0% 3.9% 24% Hotels in Europe 2,513 6,218 2,392

• 3.1%

5.2% 5.3% 14% Total strategic activities 15,477 25,065 16,706 +1.1% 4.9% 4.7% 99% Non-strategic 211 270 179

• 5.4%

9.1% 10.9% 1% Total 15,688 25,335 16,885 +1.0% 4.9% 4.7% 100% 88

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OUR APPROACH IS SUCCESSFUL WITH OUR CLIENTS

Occupancy rate Firm average lease length 95.5% 96.7% 95.4% 94.8% 95.8% 95.5% 96.0% 97.1% 96.3% 96.7% 98.0% 98.1% 98.3% 96.1% 6.0 6.1 5.8 6.1 6.0 5.5 5.8 5.8 7.3 7.2 6.6 7.1 7.1 7.1 0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 H1 2020

6.4 years

• n average

96.5%

• n average

89

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EPRA NAV, NNNAV AND NEW EPRA METRICS

H1 2019 2019 H1 2020 Var 6 months Var 1y EPRA NAV (€ m) 8,794 9,256 9,444 +2.0% +7.4% EPRA NAV / share (€) 100.6 105.8 99.8

• 5.7%
• 0.8%

EPRA NNNAV (€ m) 7,889 8,375 8,423 +0.6% +6.8% EPRA NNNAV / share (€) 90.2 95.7 89.0

• 7.0%
• 1.3%

Number of shares 87,456,313 87,499,953 94,662,951 +8.2% +8.2% H1 2020 EPRA NRV (€ m) 10,268 EPRA NRV / share (€) 108.5 EPRA NTA (€ m) 9,317 EPRA NTA / share (€) 98.4 EPRA NDV (€ m) 8,319 EPRA NDV / share (€) 87.9 Number of shares 94,662,951

90

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EPRA NAV & EPRA NNNAV

EPRA NAV End-2019 EPRA NAV H1 2020

+€2.1

/share

EPRA Earnings

• €4.8

/share

Dividend

• €0.5

/share

Debt management

• €0.2

/share

Others

+€1.7

/share

Property value increase

• €4.2

/share

Capital increase

€99.8

/share

€105.8

/share

+0.6%

EPRA NAV

+2.0% €99.8 / share1

EPRA NNNAV

€89.0 / share1

• 5.7%

script dividend

• 7.0%

script dividend

€9,444 m

VS END-2019

€8,423 m

VS END-2019

91

SLIDE 92

EPRA EARNINGS H1 2020

€million – Group share

H1 2019 H1 2020

Change €m Change % Net rental income 296.4 270.7

• 25.7
• 8.7%

EBITDA from hotel operating activities & coworking 16.2 5.4

• 10.8
• 66.7%

Income from other activities (incl. property development) 8.8 7.5

• 1.3
• 14.8%

Net revenue 321.4 283.6

• 37.8
• 11.8%

Net operating costs

• 36.8
• 38.9
• 2.1

+5.6% Depreciations & Amortizations

• 8.5
• 10.5
• 2.0

+23.1% Operating income 276.0 234.2

• 41.8
• 15.1%

Cost of net financial debt

• 53.5
• 46.0

7.5

• 14.0%

Other financial charges

• 2.4
• 1.5

0.9

• 38.6%

Share in earnings of affiliates 6.0 7.1 1.1 +18.3% Corporate income tax

• 6.5
• 1.4

5.1

• 78.3%

EPRA EARNINGS 219.7 192.4

• 27.3
• 12.4%

Average number of shares 83,476,180 88,541,092

EPRA EARNINGS (€/share) 2.63 2.17

• 0.5
• 17.5%

92

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DEBT PROFILE

93

SLIDE 94

72 378 282 514 1 609 1 569 1 193 844 2 361

2020 2021 2022 2023 2024 2025 2026 2027 >2027 Covivio Covivio Immobilien Covivio Hotels

COVIVIO DEBT PROFILE

Debt maturities by company (in €million, Group share)

LONG DEBT MATURITY 6.1 years

stable WELL DIVERSIFIED DEBT PROFILE

43%

Bank mortgages

53% unsecured 4%

Investor mortgages

37%

Bonds

16%

Corporate credits

94

SLIDE 95

▪ €500 m at 1.875% and 10-year maturity ▪ 12 assets / 185,000 m² developed in France since 2012 ▪ 100% occupancy ▪ 20% decrease in primary energy intensity between 2017 & 2018

GREEN BONDS / FINANCING A SUSTAINABLE GROWTH

€1 billion 14% of net debt 2 issuances To fund Green offices in France & Italy

GREEN BONDS

2016 issuance

▪ €500 m at 1.125% and 12-year maturity ▪ 4 development projects in the main transport hubs of leading European cities ▪ IRO in Chatillon (Greater Paris), Jean Goujon in Paris 8th, Silex² in Lyon CBD, The Sign in Milan

2019 issuance

The Sign, Milan IRO, Greater Paris

95

SLIDE 96

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

CONTACT

Paul Arkwright

Tel.: +33 1 58 97 51 85 Mobile: +33 6 77 33 93 58 paul.arkwright@covivio.fr

www.covivio.eu

Hugo Soussan

Tel.: +33 1 58 97 51 54 Mobile: +33 6 84 44 95 40 hugo.soussan@covivio.fr