Covivio Hotels — Earnings Release 2012

May 4, 2012

Paris, 4 May 2012

in net equity 0.8% rise in rental income on ^a like-for-like basis

				change (%)
Hotels*	26.7	21.6	-19.2%	-1.3%
Health	6.7	6.8	0.8%	3.7%
Retail Total rental income	10.8 48.3	11.0 43.5	1.9% -9.8%	2.3% 0.8%
Leisure	4.0	4.1	3.4%	3.4%
Total revenue	48.8	44.0	-9.8%
Services based on genuine Accor revenue	0.5 as at 31 March 2011 and 2012	0.5 from assets in the	- FonciËre des Murs	portfolio

income on ^a like-for-like basis: +0.8%

The rental income of FonciËre des Murs had increased by +0.8% on alike-for-like basis at ³¹ March 2012. Consolidated revenue stands at Ä44 million, down 9.8% compared with the ¹

st quarter of 2011, mainly due to the volume of disposals made in 2011. The change in the consolidated revenue primarily results from: The positive impact of rental indexation representing Ä0.6 million, partially offset by the slight

• in the revenue of variable-rent hotels at -Ä0.3 million Acquisitions made in ²⁰¹¹ generating rental income of Ä0.8 million
• The effect of hotel asset disposals with ^a total impact of -Ä5.9 million

financial structure Successful

capital increase of Ä125 million

During the 1 st quarter of 2012, FonciËre des Murs completed ^a capital increase of Ä125 million, with the support of its main shareholders.

This capital increase thus allows FonciËre des Murs to have the necessary financial means at its disposal to take advantage of investment opportunities and also to increase its financial flexibility by strengthening its equity.

million in asset disposals secured, with ^a margin of +1.1% above the appraised values

To date, FonciËre des Murs has completed disposals and disposal agreements for ^a total of Ä84 million. Sales secured by FonciËre des Murs are comprised of the transfer of ^a portfolio of ⁹ care homes to BNP REIM, for ^a total of Ä67.8 million, including transfer duties, and sales of premises and business assets in partnership with Accor. All these sales were made directly by the FonciËre des Murs teams.

These disposals allow, in keeping with the disposals made in 2011, for the dual objective of asset rotation and debt reduction to be met.

of ìgreenî leases Signing

of green leases with Jardiland

Pioneer of the green lease with Accor and Courtepaille, FonciËre des Murs has continued its policy by signing, at the beginning of 2012, green leases with Jardiland. First lessor of Jardiland and owner of ⁵⁷ garden centres, FonciËre des Murs has already applied green leases to more than 65% of its assets. For FonciËre des Murs, the green lease is ^a value-adding and partnership tool, which formalises ^a

framework for the exchanges with its tenants regarding sustainable development matters. In view of its business, Jardiland is ìnaturallyî sensitive to environmental issues. The signing of green leases is in line with this logic and reflects the desire of both parties to register their improvement initiatives as part of ^a long-term vision. Outlook

for ²⁰¹²

FonciËre des Murs is upholding its objective of optimising its financial structure, while continuing to benefit from the development opportunities in the business premises sector, particularly in the hotel industry.

timetable:

16 July 2012: Publication of half-year results for 2012

FonciËre des Murs

FonciËre des Murs, ^a subsidiary of FonciËre des RÈgions, specialises in business premises, especially in the hotel, healthcare and retailsectors. At ³¹ December 2011, the companyís assets were valued at Ä2.9 billion. Its average lease term is 8 years and its occupancy rate is 100% with first-class tenants. Real estate partner of the major players in the business premises sector, FonciËre des Murs is managed by Dominique Ozanne, CEO and Member of the Management Committee of FonciËre des RÈgions. Contact:

^CÈcile Boyer ^ñ Company Secretary Tel.: 01 58 97 54 47 cecile.boyer@fdr.fr

See this press release at http://www.foncieredesmurs.fr