Q1 2020 ACTIVITY

APRIL 2020

CONTENTS

I. The strengths of the diversified business model

II. A healthy balance sheet

III. Q1 2020 rental activity

IV. Q1 2020 asset rotation

V. Key takeaways

SUMMARY

2APRIL 2020

I. THE STRENGTHS OF THE DIVERSIFIED BUSINESS MODEL

EDO – Issy-les-Moulineaux

APRIL 2020 4

COVIVIO DIVERSIFIED MODEL / A SECURED PROFILE84% EXPOSURE OFFICES & GERMAN RESIDENTIAL

60% Officesin France, Italy, Germany

24% Germanresidential

15% Hotels

€17 bnportfolio Group share

€25 bn at 100%

1% non-strategic

APRIL 2020 5

A SOLID TENANT BASE

High-quality tenants secured in the long-term

thanks to quality portfolio

& strong partnership strategy

Large corporates: tenants with €50 m or more of annual turnover

OFFICES97% occupancy / 6 years WALT

91% large corporates

Highly resilient asset class

& portfolio on high-end segmentGERMAN RESIDENTIAL99% occupancy

HOTELS14 years WALT

96% major operators

60%

% exposure

24%

15%

APRIL 2020 6

A RESILIENT OFFICE PORTFOLIOBUILT ON PARTNERSHIPS WITH LARGE CORPORATES

A rental base built around

very large corporates

working with Covivio in the long-term

Secured cash-flows through

high-occupancy& long leases

Quality locationswith sustainable rent levels

2% of Covivio revenuesHQ campus in Greater Paris

Lease until 2032

3% of Covivio revenuesHQ in Greater Paris

Lease until 2025

1% of Covivio revenuesHQ campus in Greater Paris

Lease until 2028

2% of Covivio revenuesThalès campus in Greater Paris

Lease until 2030

1% of Covivio revenuesHQ in Milan

Lease until 2031

1% of Covivio revenuesHQ in Milan

Lease until 2029

97%occupancy

6 yearsaverage firm lease term

40% Paris inner-cityleased at €368 / m² on average

44% Greater Parisleased at €308 / m² on average

13% major French citiesleased at €156 / m² on average

90% Milanleased at €262 / m² on average

10% of Covivio revenues€1.1 bn of assetsin Paris inner-city

6% of Covivio revenues€0.7 bn of assets

with 11 years leases

€5.8 bn France

Group share

1 Excluding Telecom Italia assets, leased for 11 years firm

€2.2 bn Italy1

Group share

100% Top 7 German citiesleased at €197 / m² on average

€1.4 bn GermanyGroup share

APRIL 2020 7

HIGH OCCUPANCY RATE SINCE 2007, PROVING THE ROBUSTNESS OF THE BUSINESS MODEL

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% 97,6%

6,0 6,15,8

6,1 6,05,5

5,8 5,8

7,3 7,26,6

7,1 7,1 7,0

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Q1 2020

Occupancy rate Firm average lease length

6.4years on average

96.6%

on average

APRIL 2020

QUALITY COMMITTED PIPELINE OF €1.8 BN AT END-2019

75% pre-let on 2020 office deliveries & 54% overall

92% Offices

8% Berlin Residential

24% Paris inner-city

33% business districts in the 1st ring

13% center of major French cities

22% Milan CBD & semi-center

Offices in quality locations & Residential in Berlin…

…resulting in strong operational results

High-margin >40%

in a residential shortage context

€1.8 bnGroup share

6% yield on cost & >30% target margin

8

II. A HEALTHY BALANCE SHEET

Paris – Orange Ménilmontant

45,4%44,6%

40,4%

42,0%

2015 2016 2017 2018 2019

LTV policy <40%

APRIL 2020 10

DISCIPLINED FINANCING POLICY

ICR

DEBT MATURITY

1.55%

84% hedgedCOST OF DEBT

5.7x

6.1 years

DIVERSIFIED SOURCES OF FINANCING(in % of the debt as of end-2019)

41%Bank mortgages

54% unsecured

5%Investor mortgages

37%Bonds

17%Corporate credits

38.3%

S&P RATING BBB+,STABLE OUTLOOK

11

SCRIP DIVIDEND TO REINFORCE HEALTHY BALANCE SHEET

Dividend 2019 Option for payment in shares

Issuance price: €47.80

200-420 M€ capital increaseTo finance our investments secured early 2020

90.4% payout ratioon EPRA Earnings

49% of shareholders already committedDelfin, Predica, Covea, ACM

27 April: ex date

29 April to 18 May included: exercise period of the option

22 May: dividend payment

€4.8 per share

of which 84% SIIC dividend

APRIL 2020

343

842

368 484

1 4841 233 1 155

809

1 696

2020 2021 2022 2023 2024 2025 2026 2027 >2027

Covivio Covivio Immobilien Covivio Hotels

APRIL 2020 12

COMFORTABLE LIQUIDITY & COVENANTS POSITION

Covenant

LTV2 60%

ICR 200%

Debt maturities by company

(in €million, Group share)

Limited maturities until 2024

€2.5 bn of available liquidity1

Significant headroom to covenants

1 At end-March 2020 2 Excluding duties and sales agreements

€0.9 bn cash available

€1.6 bn undrawn credit lines

III. Q1 2020 RENTAL ACTIVITY

Milan - Garibaldi

APRIL 2020 14

Q1 2020 REVENUES / +2.3% LFL EXCLUDING HOTELS

Q1 2020

Revenues

Q1 2019

Group share

Revenues

Q1 2020

100%

Revenues

Q1 2020

Group share

% change

like-for-like

Group share

Occupancy rate

%

Average

lease term

firm, in years

France Offices 59 61 53 +1.5% 96.2% 4.5

Italy Offices 36 42 32 +2.4% 98.6% 7.3

German Offices 2 14 7 n.a. 92.0% 6.9

German Residential 38 61 39 +3.5% 98.5% n.a.

Sub-total Offices & Residential 135 178 131 +2.3% 97.3% 5.6

Hotels in Europe 25 57 23 -10.4% 100%1 13.8

Total strategic activities 160 235 155 +0.1% 97.6% 7.0

Non-strategic 6 5 4 -2.9% 97.8% 6.6

Total 166 241 158 0.0% 97.6% 7.0

Offices France & Italy German Residential Hotels

Mainly from indexation (~50% of

the growth) & renewals (~50%)

Strong & robust

rental growthImpact of epidemic

German Offices

First rental income from

Godewind(consolidated at 45% at end-March)

1 On hotels in lease

APRIL 2020 15

OFFICES / Q1 RENTAL ACTIVITY GOES ON60% OF THE PORTFOLIO

Dynamic rental growth

Supportive rental activity

26,000 m²let or renewed this quarter

including 4,600 m² since lockdown

+1.5% in France

+2.4% in Italyincl. +4.1% in Milan excl. Telecom Italia

Limited impacts from Covid-19

✓ Exposure to very small companies0.6% of Covivio annualized revenues

✓ Unpaid rents€1.4 m = 0.2% of Covivio revenues

✓ Following the French government

recommendation, Covivio will apply a 3-month

rent cancelation for very small companies

concerned by mandatory closure

APRIL 2020 16

GERMAN RESIDENTIAL / Q1 RESILIENT GROWTH24% OF THE PORTFOLIO

Berlin

Limited impacts from Covid-19

✓ Exposure to ground-floor retail<2% of Covivio revenues

✓ Unpaid rents€0.1 m Group share = 0% of Covivio revenues

NRW

Hamburg,

Dresden & Leipzig

%

exposure LfL rental growth

51%

33%

16%

+3.2%

+4.1%

+3.3%

Update on Berlin regulation

• New law implemented since February

• Constitutionality of the law still in question

Shortage situation persists with 340,000 units deficit in Germany

Total 100% +3.5%

Source : DZ Hyp

APRIL 2020 17

A CHALLENGING YEAR FOR THE HOTEL INDUSTRY15% OF THE PORTFOLIO

Capacity to adapt to new challenges

and recoverQ1 2020 revenues

-10.4% LfL revenue variation in Q1 2020

In the short-termDomestic clientele expected to support 1st phase

of recovery post-lockdown

► ~70% of the clients on average

in our countries1

Central locations

at the heart of hotel operators strategy

► -26% on Accor variable leases, mostly in France

► -27% on EBITDA from operating properties

1 France, Germany, Spain, UK, Belgium, Netherlands

Source: STR

Ongoing discussions with operators

► Help them getting through this crisis

► Find the best win-win solutions in the context of our long term partnerships

IV.

Q1 2020 ASSET ROTATION

Paris – Jean GoujonGreater Paris – Western crescent

APRIL 2020 19

DISPOSALS / €369 MILLION REALIZED & SECURED IN 2020INCLUDING €289 MILLION SIGNED OR CLOSED SINCE LOCKDOWN

Target >€600 million Group share of new agreements in 2020

€179 millionof realized disposals

€102 m Group share

€190 millionof new agreements signed

€164 m Group share

11 B&B Hotels in Germany

€115 million

12,300 m² mature office in Italy

€39 million

24 000 m² mature offices in Greater Paris and

in the metropolis of Lyon

€134 million

& €26 m of non-core & non-strategic assets

23% margin 7% margin

15,000 m² Telecom Italia offices outside Milan

€22 million

25 units privatized in Berlin

€9 million

1 non core hotel in Spain

€20 million

Signed or closed since lockdown

APRIL 2020 20

UPDATE ON INVESTMENTS SECURED END-2019 – EARLY 2020

Godewind acquisition well on track

8 hotels in lease in Rome, Venice, Florence, Prague, Budapest

► Already 59.4% shares acquired & tendered

► End of acceptance period & delisting in May 2020

Healthy real estate market in top 7 German cities

Quality assets in quality locations

92% occupancy, with large tenants

7 years average lease term

4.3% immediate yield & >5.0% including reversion potential

Triple net lease with a major operator

High-quality hotels (mostly 5*)

4.7% minimum guaranteed yield

15 years lease firm

Hotel acquisition

€1.1 bn Group share1 €0.2 bn Group share2

Closing in September 2020

Secured investments with quality tenants, assets & locations

10 offices in Frankfurt, Düsseldorf, Hamburg, Munich

1 €1.2 bn at 100%2 €0.6 bn at 100%

Berlin Residential

V.

KEY TAKEAWAYS

APRIL 2020 22

KEY TAKEAWAYS

Disposal and investment plan well on track

Resilient revenue profile

New EPRA Earnings guidance to be communicated at the H1 2020 results

1

2

3

APRIL 2020 23

COVIVIO WILL CONTRIBUTE TO THE SOLIDARITY EFFORT

By putting several hotels at the disposal of health authorities during the crisis

After the crisis, by offering 2,000 overnight stays to healthcare staff of Metz, France Hospitals

By providing financial support in Italy for the production of sanitizing gel

By helping vulnerable persons badly hit by the economic crisis through the Covivio Foundation

whose budget is raised to €500,000

1 According to Eurostat definition: businesses with less than €2 m yearly turnover and less than 10

employees in sectors impacted by mandatory closure

By supporting SMEs in difficulty, finding the best solutions on a case by case basis, especially through monthly

payments and rent postponements

KEY UPCOMING EVENTS

H1 RESULTS: 22 July 2020

Q3 ACTIVITY: 15 October 2020

24APRIL 2020

APPENDIX

Berlin – AlexanderplatzMilan – via Principe Amedeo

APRIL 2020 26

HOTEL PORTFOLIO / 3 STRENGTHS OF OUR BUSINESS MODEL

1 Ratio of EBITDAR / rent, excluding UK portfolio which is currently being rebranded

1Diversified tenant base

with major hotel operators

2High-quality strategic locations

3Profitable assets

Accor28%

IHG18%

B&B11% RHG

9%

Marriott5%

NH7%

Hotusa3%

Barcelo2%

Other17%

%in value

~35%EBITDAR Margin

in 2019

~1.8xRent cover1

in 2019

87%located in major European cities

Central locations + profitable assets = strategic hotels for operators

France35%

Germany26%

United Kingdom17%

Spain12%

Belgium6%Other

4%

%in value

13.8 years average lease term

Paris

30, avenue Kléber

75116 Paris

Tel.: +33 1 58 97 50 00

CONTACT

Paul ArkwrightTel.: +33 1 58 97 51 85

Mobile: +33 6 77 33 93 58

paul.arkwright@covivio.fr

www.covivio.eu

Hugo SoussanTel.: +33 1 58 97 51 54

Mobile: +33 6 84 44 95 40

hugo.soussan@covivio.fr