S H A R E H O L D E R ’ S N E W S L E T T E R

N ° 11

HIGHLIGHTS

ITALY OFFICES

Telecom Italia partnership strengthened and renewal of the leases for 15 years firm

Acquisition of two office buildings to be redeveloped in central Milan

Launch of the Symbiosis office programme in Milan

Appointment of Christophe Kullmann as Chief Executive Officer of Beni Stabili

CORPORATE & GOVERNANCE

€2.1 billion in investments in 2015€1.4 billion in disposals

and agreements for disposalsContinued integration of women (40%)

and independent directors (60%)* in the Board of Directors

S&P rating restored to BBB, Stable outlookSuccessful capital increase of €255 million

Dissemination of the study on the Sharing Economy and Working Space from the viewpoint of European employees

* Contingent upon shareholder approval at the General Meeting on 27 April

GERMAN RESIDENTIAL

Record investment in the centres of the dynamic cities of Berlin and Hamburg

(€871 million)

Success of the takeover bid for a portfolio of prime housing units in central Berlin

Improvement in portfolio quality: 53% of the portfolio is in growing cities (vs. 36%

at end-2014)

FRANCE OFFICES

Delivery of nine operations in 2015 representing over 100,000 m2 let at 90%,

an average of close to 30% of created value

France Offices occupancy rate of 96%

Launch of 6 new operations, primarily located in Paris and in Major Regional Cities

96,000 m2 in renegotiated leases

CSR

Carbon Disclosure Project: selection in the CDP’s “Climate A List” with a 99A rating/

Top 5 France

Greening rate for the France Offices portfolio: 61% at year-end 2015 (comfortably

exceeding the set objective of 50%)

Two EPRA Gold Awards 2015 for the 2014 Reference Document and the 2014

Sustainable Development Report

HOTELS IN EUROPE

Increase in the share capital of the Foncière des Murs subsidiary (from 28% to 43%)

Renewal of the partnership with AccorHotels, extension of the leases to 12 years firm and

disposal of assets

Two new partnerships with European operators Motel One and Meininger

B&B Hôtels supported in its European development, in Germany among others, thanks

to the acquisition of 22 hotels of the brand

2015, AN EXCEPTIONAL YEAR. Thanks to Foncière des Régions’ diversity of skills, we have delivered well-paced growth in all three of our operating countries simul-taneously, each with its own distinct context. This demonstrates clearly that the cor-nerstones of our strategy are the right ones: our partnership approach, our long-term vi-sion and responsiveness, our expertise at every link in the real estate chain which allows us to support our clients from A to Z, and the trust of our investor partners who remain faithful to us from one project to the next.

QUALITY, PRODUCTIVITY AND INNOVATION: OUR AMBITION IS CLEAR

MESSAGE FROMCHRISTOPHE KULLMANN

Chief Executive Officer

Our strategy of partnership gives us the benefit of long-term forward visibility for our business. The targeted rotation of this portfolio is our pri-mary source of value creation, and a flagship area of expertise for Foncière des Régions. In 2015, we delivered nine office projects, two of which are shining examples of our expertise in action: The Steel building near the Trocadéro in Paris and Euromed Center in Marseille.

Otherwise, we invested more than €700 million in hotels and ser vice sector projects, three-quarters of which were in international markets, with particular focus on Germany,

where we acquired a portfolio of 22 B&B Hotels, purchased 10 hotels operating under the Louvre Hotels banner, and embarked on partnerships with two innovative operators: Motel One and Meininger. At the end of 2015, the group owned a hotel portfolio of €3.5 billion, representing 13% of our total portfolio.

2016 IS SHAPING UPThe pace of change is accelerating, and the number of economic, political, climatic and social risks are also increasing dramatically. We must ensure that we remain on track in

this uncertain environment by building on our fundamentals and keeping our attention fo-cused completely on our chosen path. We are targeting growth in every aspect, from our projects and people, to our key indicators. We are seeking nothing less than excellence, and we want to be the preferred choice of clients. We will continue to innovate, listen to genera-tion Z and star tups to understand the changes that are coming, dare to be different, explore and adapt our buildings and services to reinvent the client experience, and main-tain the profitability on which the trust of our shareholders and major investors is built.

A LEADING PLAYER IN REAL ESTATE

€ 18 BN

TOTAL SHARE PORTFOLIO (€11BN GROUP SHARE)

BREAKDOWN OF PORTFOLIO BY ASSET TYPE

KEY REAL ESTATE INDICATORS

€ 1.3 BN

DEVELOPMENT PIPELINE IN EUROPE, OF WHICH €615M ALREADY COMMITTED

96

%

OCCUPANCY RATE

€ 549

M

RENTAL INCOME

7.3 YEARS

AVERAGE FIRM LEASE TERM

62%OFFICES

REPRESENTING A VALUE OF € 9.6 BN617 BUILDINGS OR

3.6 MILLION M2

13% HOTELS AND SERVICE SECTOR

REPRESENTING A VALUE OF € 3.5 BN

OR ALMOST 47,000 ROOMS

20%GERMAN RESIDENTIAL REPRESENTING VALUE

OF € 3.6 BN OR 45,000 HOUSING UNITS

5%NON-STRATEGIC

A SUSTAINABLE APPROACH

THE RECOGNISED REIT IN EUROPE

61%

OF GREEN OFFICE IN FRANCE (IN VALUE)

A SOUND FINANCIAL BASIS

€ 333

M

RECURRING NET INCOME

EPRA NAV

PER SHARE€ 79.4 45.4 %

LOAN TO VALUE

21% GERMANY

60% FRANCE

17% ITALY

2% OTHER

AGEFI BRONZE AWARD

FOR CORPORATE GOUVERNANCE

2 EPRAGOLD

AWARDS

+ 15 %SHARE PRICE PERFORMANCE* BETWEEN 1 JANUARY 2015 AND 31 DECEMBER 2015:

*Market price, dividends reinvested

100

90

70

80

JAN. FEB. MARCH APRIL MAY JUNE JULY AUG SEP. OCT. NOV. DEC. 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015

2015 DIVIDEND

€ 4.30 PER SHARE

2015

SHAREHOLDER’S BASE AT END 2015

SHAREHOLDER’S INFORMATION

STOCK MARKET INFORMATION ISIN Code: FR0000064578 Share code: FDR Where listed: Euronext Paris Market: local securities Compartiment A Blue Chips-SRD

Area of activity: Real Estate Investment Trusts

SRD: eligible Indices: MSCI, SBF120, Euronext IEIF

“SIIC France”, CAC Mid 100, in the “EPRA” and “GPR 250” benchmark indicators for European REITs, as well as in the

FTSE4Good, DJSI World and Euronext Vigeo (World 120, Eurozone 120, Europe 120 and France 20) ethical indices.

Foncière des Régions has been given a BBB/stable rating by Standard & Poor’s

A PURE NOMINEE OR ADMINISTERED ACCOUNTIn either case, simply make your request through your broker or by free phone (in France) on 0826 109 119 (BNP Paribas Securities Services).

INDIVIDUAL SHAREHOLDER’S CONTACT

SHAREHOLDERS FREE PHONE NUMBER:

0 805 400 865 (calls free from a French landline)

E-mail : actionnaires@fdr.fr

SHARE PRICE (€)

44% PUBLIC

(INC. 7.25% INDIVIDUAL SHAREHOLDERS, 1% EMPLOYEE

SHAREHOLDERS)

7% CRÉDIT AGRICOLE

GROUP

28% DELFIN GROUP

13% COVÉA GROUP

8% ASSURANCES

DU CRÉDIT MUTUEL