Covivio Hotels — Earnings Release 2008

Nov 12, 2008

Paris, 12 November 2008

increase of the consolidated turnover as at ³⁰ September ²⁰⁰⁸ is on ^a like-for-like basis). Significant

events for the third quarter ²⁰⁰⁸ Acquisitionof ^a Sunparks holiday village in Belgium

On ⁴ July 2008, under the protocol signed with the Pierre & Vacances group in 2007, FonciËre des Murs acquired the Sunparks holiday village located at Kempense Meren in Belgium. The entire amount of the acquisition, Ä41.8 million including transfer duties, was financed by drawing on an existing credit facility.

The lease on this asset will be fora term of 15 years, renewable twice forten-year periods. Total annual rental income is Ä2.6 million.

ë000s EUR	Turnover Q3 2008	Cumulative turnover as at 30/09/08	Cumulative turnover as at 30/09/07	Change
				Total	Of which, on like-for-like basis	Of which, a acquisitions subsequent to 30/09/07	Of which, other changes
Hotels	29,506	90,036	81,426	8,610	5,231	1,106	2,273
Restaurants	6,341	19,009	5,843	13,166	169	872	12,125
Health	6,844	20,241	18,080	2,161	575	301	1,285
Leisure	6,824	19,232	4,065	15,167	0	1,485	13,448
TOTAL	49,515	148,518	109,414	39,104	6,209	3,764	29,131

consolidated turnover

Consolidated turnover as at ³⁰ September ²⁰⁰⁸ totalled Ä148.5 million versus Ä109.4 million for the same period in 2007, an increase of 35.7%, of which 5.7% is ona like-for-like basis. This increase is primarily the result of the acquisitions of the following real estate assets: - ³ Holiday Inn hotels in December ²⁰⁰⁷ and June ²⁰⁰⁸ (impact: Ä1.1 million)

• ⁹⁹ Quick restaurants in September and November ²⁰⁰⁷ (impact: Ä13.0 million) - ^{4 G}ÈnÈrale de SantÈ clinics in July ²⁰⁰⁷ (impact: Ä1.3 million)
• ¹ Club Med holiday resort in Da Balaia, Portugal in May ²⁰⁰⁷ (impact: Ä1.0 million)
• ⁴ Sunparks holiday villages in September 2007, November ²⁰⁰⁷ and July ²⁰⁰⁸ (impact: Ä5.9 million) - ⁵⁵ gardening centres of the Jardiland Group in July and August ²⁰⁰⁷ (impact: Ä8.2 million)
• ¹ Korian psychiatric clinic in March ²⁰⁰⁸ (impact: Ä0.1 million).
• ¹ Segesta residence for the elderly at Sassari in Sardinia in March ²⁰⁰⁸ (impact: Ä0.2 million)

Another factor contributing to growth is the increase in turnover in the ìHotelsî sector related to:

• increased, on a like-for-like basis, turnover in 2007, at the Accor hotels used as a settlement basis in ²⁰⁰⁸ (impact: Ä5.2 million)
• taking into account, in addition to receipt of rental income, a provision for rental income calculated on the basis of the actual turnover at the end of May 2008 and estimated for June 2008, of Accor hotels (impact: Ä2.3 million).

FonciËre des Murs immobiliers

FonciËre des Murs, 29% owned by FonciËre des RÈgions, is an SIIC (sociÈtÈ díinvestissements cotÈe) specialised in business premises, especially in the hotel, restaurant, healthcare and leisure sectors. The companyís investment policy is focused on building partnerships with leading operators in each

sector to provide its shareholders with a recurring return on their investment. FonciËre des Murs is managed by Yan Perchet.

FonciËre des Murs is listed on Euronext Paris, Eurolist compartment ^A (FR0000060303 - FMU).

Contact FonciËre des Murs: Dominique Ozanne, Deputy Managing Director dominique.ozanne@fdr.fr Tel.: 01.58.97.54.20

See this press release at www.foncieredesmurs.fr.