2020Q3 RESULTS

I. UPDATE ON COVIVIO’S MARKETS & KEY ACHIEVEMENTS

I.A. Update on Covivio’s markets

I.B. Q3 2020 key achievements

II. ACTIVITY AT END-SEPTEMBER

I. II.A. Development pipeline

II. II.B. Letting activity & revenues

APPENDIX

SUMMARY

2

I.

UPDATE ON

COVIVIO’S

MARKETS & KEY

ACHIEVEMENTS

Milan Via Dante

► Update on Covivio’s markets

► Q3 2020 key achievements

3

4

UPDATE ON OFFICES MARKETS / FRANCE, ITALY & GERMANY

Sources: CBRE, Colliers

Take-up

+13%Q3 2020 vs Q2 2020

LETTING ACTIVITY

PICKING-UP SLOWLY…… WHILE INVESTMENT MARKET

REMAINS ACTIVE

€34 Bn YTDIn France, Italy & Germany

20,000 m² off-plan in Malakoff

~3.8% yield~3.8% yield

47,200 m² Nestlé HQ

€16 BN IN

FRANCE-27% vs 2019

83,000 m² office portfolio

~3.8% yield€15 BN IN

TOP 7

GERMAN

CITIES-33% vs 2019

4,000 m² in the CBD

~3.6% yield

N u m e r o u s t r a n s a c t i o n s c o m f o r t i n g v a l u a t i o n s

Longer decision processes

in an uncertain environment

Vacancy remains healthy

4.7% on average

In Greater Paris and top 7 German cities1

€2.6 BN IN

ITALY+4% vs 2019

1 Milan Q3 data not available to date. Take-up and vacancy are the average of Greater Paris and Top 7 German cities.

Both in Paris & the first ring

In Milan

4 430

4 490

4 5504 590 4 610

4 6404 670

4 7304 770 4 770 4 780

4 8104 840

4 870 4 890 4 890 4 900

05/19 07/19 09/19 11/19 01/20 03/20 05/20 07/20 09/20

12.511.4 11.1

12.711.7

12.311.7

10.69.1

14.8

8.6

6.86.1

6.8 6.9 6.55.4

4.4

05-19 07-19 09-19 11-19 01-20 03-20 05-20 07-20 09-20

GERMAN RESIDENTIAL MARKET / SUPPORTIVE ENVIRONMENT CONTINUES

Sources: Guthmann Real Estate, Destatis

5

Severe housing shortage…

… driving-up prices

Rental offer is droppingNumber of apartments on offer to rent, in thousand

Focus on Berlin

Sept-20 vs Sept 19: -64%

Apartments prices keep on increasingEvolution of median asking price in €/m²

Sept-20 vs Sept 19: +6%

new units needed per yearin Germany

…aggravated by slowing construction…

400,000

-1.8%

+6.6%housing price increasein Q2 year-on-year

housing building permitsin July

THE NEED & WILL TO TRAVEL IS THERE…

… BUT THE SECTOR IS FACING

STRONG HEADWIND

HOTEL MARKET / SHORT-TERM UNCERTAINTY PERSISTS

-35%

-72%

-71%-49%

-64%

-62%

-69%

-64%

RevPar in Europe in August-55%

Re-tightening of restrictions in September

Most business events cancelled in Europe in H2

(seminars, fairs, etc.)

Source: MKG 6

D

Occupancy rate

May

6.8%

June

17.9%

July

32.4%

August

38.9%

Covivio’s main hotel exposure, France & Germany

outperforming the rest of Europe in August

Better performance than expected during July & August

thanks to easing travel restrictions

Berlin Residential, new development

► Update on our markets

► Q3 2020 key achievements

7

I.

UPDATE ON

COVIVIO’S

MARKETS & KEY

ACHIEVEMENTS

A GOOD EXAMPLE OF OUR CAPACITY TO EXTRACT THE VALUE

OF OUR €1 BN ORANGE PORTFOLIO IN PARIS 8

FULL LETTING OF PARIS 5TH GOBELINS…4,500 M² REDEVELOPMENT PROJECT OF A FORMER ORANGE BUILDING

OFFERING A PLUG & PLAY SOLUTION WITH FULL SERVICES

through Covivio’s flex-workspace offer

STRENGTHENING THE PARTNERSHIP WITH AN EXISTING

TENANT, A LARGE PUBLIC INSTITUTION

End-2018Departure of Orange & launch of redevelopment

for €50 m total cost

Q1 2021 Delivery

5.0%

EBIT yield

€2.5 m EBIT

=

+15% margin vs

IFRS market rent

TRANSFORMATION OF AN OBSOLETE ASSET

INTO A NEW EFFICIENT BUILDING1.

2.

3.5 years firm contract starting at delivery

Paris Gobelins

see appendix page 24 for more details

9

…PROVING THE RELEVANCE OF COVIVIO OFFICE STRATEGY

OFFERINGQUALITY LOCATIONS

OFFERINGQUALITY BUILDINGS

THROUGH THE PIPELINE

INCREASINGTHE RANGE OF REAL ESTATE SOLUTIONS

See appendix page 21

for more details on the office portfolio

Paris

& Greater Paris

Top 5

German citiesMilan

✓ Transforming obsolete buildings

✓ Ambitious green targets

✓ Improving well-being

Mixed offer in the same building

Traditional lease + flexible component

4 buildings opened & 1 to come in Lyon

Full Plug & Play solutions

2 buildings & 1 to come in Paris 5th

Major business districts in

A high level of services

as a key differentiating strength

See appendix page 27

for more details on the flexible offer

into efficient office spaces

Target 100% of the portfolio by 2025

with very good or excellent levels in our developments

with wide services offer

Target 100% offices & residential

buildings with a service offer by 2025

New disposals in Q3

DISPOSALS / CLOSE TO €500 MILLION WITH +12% MARGINON TRACK TO >€600 MILLION GROUP SHARE TARGET FOR 2020

Disposal agreements

End-September 2020

€m

100%

€m

Group share

Gross yield

Group share

Margin

Group share

France offices1 €190 m €190 m 5.6% 7%

Italy offices €156 m €139 m 3.9% 18%

Germany

Residential€186 m €121 m 3.1% 19%

Hotels €22 m €10 m 6.4% 17%

Non-strategic

(retail)€61 m €30 m 7.1% -5%

TOTAL €616 m €491 m 4.6% 12%

10

1 Removal of one asset vs H1. Disposal process is delayed and removed from 2020 figures.

Mature & non-core offices in France & Italy

€44 m Group share3% margin

German Residentialin Leipzig and Berlin

€109 m Group share14% margin

11

DELIVERING ON GERMAN RESIDENTIAL PIPELINE

2017

€400 m

pipeline

€800 m1

4,000 units on 285,000 m²

40% target margin

€256 m

committed1

H1 2020 2020 2021 2022

123 units delivered€29 m cost

with 46% margin on cost

1 €540 m pipeline Group share and €166 m committed

2017: INITIATION

Exploiting land banks

on our portfolio

2018-2020: PIPELINE DOUBLED

by acquiring land banks

1/3 of projects committed

2020: FIRST DELIVERIES

Successful projects

with 46% margin on sale

2021 & BEYOND

Acceleration of deliveries

+247 units to deliver€68 m cost

+521 units to deliver€159 m cost

Incl. 1,600 m² land bank acquired in 2020

12

CLOSING HOTEL ACQUISITION

€573 million€248 m Group share

1,115 rooms

Closing in September(vs Q2 initially)

15 years firm lease duration

Triple net lease contracts1

with NH Hotels

Minimum guaranteed yield of 4.7%

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*

TOURISM WILL COME BACK IN TOP EUROPEAN DESTINATIONS

1 Excluding Nice

B-

13

ESG RATINGS / COVIVIO RANKED AMONG THE WORLD LEADERS3 AGENCIES HAVE UPDATED THEIR RATING IN Q3

Best possible rating

Sector leader1

1 #1 out of 86 European Real Estate companies

Ranked 5th worldwide

out of 4,823 companies (all sectors)

Prime status

Top 3% worldwide

out of 358 real estate companies

Among the sector

leaders

II.

ACTIVITY

AT END-SEPTEMBER

Milan The Sign

► Development pipeline

► Letting activity & revenues

14

GREATER PARIS25,600 M²

15

DEVELOPMENT PIPELINE / 72,000 M² DELIVERED YTD€332 M COST IN GROUP SHARE

Châtillon - IRO25,600 m² / €138 m / 6.4% yield

MILAN - Symbiosis School7,900 m² / €22 m / 7.6%

MILAN - Via Dante4,700 m² / €58 m

MILAN - Duca D’Aosta2,600 m² / €13 m / 8.8%

ITALY38,200 M²

MILAN - The Sign A9,260 m² / €39 m / 7.3% yield

TURIN - Ferrucci - phase 313,730 m² / €33 m / 5.4%

Covivio first flex-workspace in Milan

one month after opening

GERMANY7,800 M²

BERLIN Residential7,800 m² / €29 m

of 123 units

100% let

now 34% pre-let

95% let

100% let First deliveries

3,800 m² lease

in September

61% occupied

100% let

NEW Total asset of 45 600 m²

16

Q3 OFFICE ACTIVITY / LETTING ACTIVITY PICKING-UP IN SEPTEMBER125,000 M² LET OR RENEWED IN Q3

New lettings, mainly on

the pipeline 14,600 m²

for 7 years

Renewals with long-term partners

and on iconic assets

End-of lease & releases for redevelopment

already included in the guidance

23 Orange assets in France

in secondary locations

Two buildings to be redeveloped

in Paris CBD and Milan CBD

Departures on two assets

in Paris 15th and Hamburg

Activity YTD Of which in Q3

45,400 m²

Mainly

Chatillon IRO

Two assets in Milan CBD

Turin Corso Ferrucci

110,100 m²193,100 m²

52,200 m²80,400 m²

vacated

One asset in Turin

GERMAN RESIDENTIAL REVENUE / +2.8% LFL RENTAL GROWTH

NRW

34% of rents

+3.5% LfL rental

growth

Hamburg

7% of rents

+2.6% LfL

Berlin

49% of rents

+2.1% LfL

Rental growth slowing due to regulation impact

Regulation effective since February 2020

4 constitutional complaints awaiting decision

Judicial review ongoing with the ruling within 24 months

+3.4% +2.1%

Dresden & Leipzig

10% of rents

+3.6% LfL

Berlin

Rental growth stays strongExtracting 15-20% rent reversion potential

Through reletting & modernization

NRW,Hamburg, Dresden & Leipzig

17

REVENUES AT END-SEPTEMBER / +1.5% LFL EXCLUDING HOTELS

End-September 2020, €million

Revenues

9 months 2020

100%

Revenues

9 months 2019

Group share

Revenues

9 months 2020

Group share

% change

like-for-like

Group share

Occupancy rate

%

Average

lease term

firm, in years

France Offices 180.8 171.9 157.8 +0.9% 93.0% 4.5

Italy Offices 126.1 109.9 96.2 +0.9% 96.5% 7.3

Germany Offices 47.6 4.9 37.6 +2.8% 73.7% 4.6

Germany Residential 184.2 115.7 118.3 +2.8% 98.7% n.a.

SUB-TOTAL OFFICES & RESIDENTIAL 538.7 402.3 410.0 +1.5% 93.4% 5.5

Hotels in Europe 114.0 91.1 44.5 -51.7% 100%1 14.3

TOTAL STRATEGIC ACTIVITIES 652.7 493.3 454.5 -8.3% 94.4% 7.2

Non-strategic (retail in France & Italy) 14.6 17.2 9.4 -4.8% 97.8% 6.6

TOTAL 667.3 510.5 463.9 -8.3% 94.4% 7.2

1 On lease properties

18

OFFICES

Decrease in occupancy

already included

in the guidance given at H1

RESIDENTIAL

Rental growth continues

HOTELS

97% of hotels reopened

but H2 2020 is impacted

by increasing restrictions

-74% LfL revenues in September

on variable leases & management contracts

RENT COLLECTION

97%collected

including 92% in Hotels

19

KEY TAKEAWAYS

DELIVERING ON THE PIPELINE

OPERATIONAL RESULTS IN LINE WITH GUIDANCE ANNOUNCED IN JULY

DISPOSAL PLAN WELL ON TRACK TO REACH TARGET OF >€600 M GROUP SHARE3.

2.

1.

In Offices: Covivio’s strategy is proving relevant

In Residential: accelerating on deliveries with high-value creation

APPENDIX

Paris 5th Gobelins

20

PORTFOLIO

21

A HIGH-QUALITY, WELL LOCATED OFFICES PORTFOLIO

22

& &

PARIS€2.4 bn Group share

GREATER PARIS€2.6 bn

MAJOR FRENCH

CITIES€0.8 bn

Lyon, Bordeaux, Marseille, Lille

MILAN€2.2 bn

TOP 5 GERMAN CITIES€1.4 bn

92% LOCATED IN1

€12.4 bn€10.2 bn Group shareAT END-JUNE 2020

1 Excluding Telecom Italia portfolio, 100% occupied and leased for 11 years

FRANCE OFFICES PORTFOLIO

A €7.1 BN PORTFOLIO

€5.9 bn in Group share

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

23

24

ORANGE ASSETS / VALUE CREATIVE REDEVELOPMENT POTENTIAL

VALUE CREATION

TARGET

>40%

CURRENT VALUE

12,850 M²

To de delivered in 2021 & 2023/2024

CARNOT

Paris 17th

11,200 m²

ANJOU

Paris 8th

10,100 m²

LABORDE

Paris 8th

6,200 m²

520,000 M² OF PARISIAN ASSETS

WITH HIGH POTENTIAL FOR TRANSFORMATION

Jemmapes

Bobillot

Raspail

Keller

Provence

Laborde

Anjou

Carnot

Voltaire

Boulogne Molitor

Pereire

Occupied Orange assets with potential

Committed developments

Already transformed

Carré

Suffren

Art&Co

The Line

Percier

Maillot

Ménilmontant

P. Auguste

Gutenberg

Gobelins

Littre

MontmartreN2 Batignolles

Steel

J. Goujon

TOTAL COST

~€480 M

ITALY OFFICES PORTFOLIOMilan: 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

Milan89%

Outside Milan

11%

PORTFOLIO 100%

€3.6 BN

PORTFOLIOGROUP 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

25

GERMANY OFFICES PORTFOLIO

PORTFOLIO 100%

€1.7 BN

PORTFOLIOGROUP SHARE

€1.4 BN

Berlin 21%

Frankfurt31%

Düsseldorf21%

Hamburg19%

Munich 8%Other 1%

In the Top 5 German cities

+€0.6 bn of development potential

Especially in Berlin AlexanderplatzFrankfurt – City Gate

% value-

Group share

26

COVIVIO FLEXIBLE OFFER / 21,300 M² OPENED ON 6 SITES

Sept. 2018March 2018End-2017

EUROMED MARSEILLE

Opening of the 1st site in Marseille2,300 m²

Mixed building of 9,800 m²with traditional lease & flexible offer

Oct. 2018

GARE DE LYON – PARIS 12th

MIROMESNIL – PARIS 8th MONTMARTRE – PARIS 18th

2nd site in Paris5,000 m²

Mixed building of 13,600 m²with traditional lease & flexible offer

1st site in Paris 3,500 m²

Fully flexible site

Partnership with Orange1,400 m²

Orange building of 5,900 m²with Orange using 50% of the flexible space

Aug 2020

GOBELINS – PARIS 5th

Oct.2019

DANTE 7 – MILAN

Q3 2021

SILEX II – LYON

4th site in Paris4,400 m²

Fully flexible site

Opening of the 1st site in Milan4,700 m²

Fully flexible site

Opening of the 1st site in Lyon5,000 m²

Mixed building of 31,000 m²with traditional lease & flexible offer

CITE NUMERIQUE - BORDEAUX

Partnership with Orange3,000 m²

Mixed building of 18,600 m²with traditional lease & flexible offer

27

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 portfolioCovivio Assets

Sources: Engel & Volkers

1 Ground floor retail, car parks

40%Residential

7%Hamburg

9%Commercial1

49%Berlin

10%Dresden & Leipzig

34%NRW

PORTFOLIO 100%

€6.4 BN

PORTFOLIOGROUP SHARE

€4.1 BN

% revenuein

Group share

28

France35%

Germany26%

UK15%

Spain12%

Belgium6%

Other6%

%

value2

1 Cities with >2 million overnight stay per year2 At-end June 2020, excl. the acquisition to be realized in Q3 2020

…WITH SOUND

PROFITABILTY PROFILE

PORTFOLIO2

€2.4 BNGroup share

15Major hotel operators

Paris

Lille

Lyon

MadridBarcelona

Nice

Edinburgh

London

Brussels

Amsterdam

Munich

Berlin

Krakow

Warsaw

~35%EBITDAR Margin

in 2019

~1.8xrent 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

29

27%

17%

11%

11%

7%

7%

3%

2%

Other15%

38 %Midscale

27%Economic

35%Upscale

COVIVIO HOTEL PORTFOLIO / DIVERSIFIED BY TENANT & SEGMENT

% revenue1

in Group Share

% valuein Group Share

B&B

RHG

Marriott

NH Hotels

Hotusa

BarceloAccor

IHG

1 Based on 2019 annualized revenues 30

ESG STRATEGY

31

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

Covivio carbon trajectoryIn 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

32

OWNING & DEVELOPING SUSTAINABLE BUILDINGS IN A SUSTAINABLECITY…

100%Target 2025

100%Target 2025

Target

100%of 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 m²of offices with a Biodivercity label1

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

in German residentialwith

33

34

…AND GENERATING MORE WELL BEING FOR END-USERSE

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%of office & residential buildingswith a service offer by 2025

Target 100%of our new office development projects with a well-being certification

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