Covivio Hotels — Share Issue/Capital Change 2012

Feb 23, 2012

February 23 rd , 2012

des Murs announces its intention to launch an ^{Ä 125} million share capital increase supported by its main shareholders and aimed at financing its future growth projects Sharecapital increase project

FonciËre des Murs intends to launch, in the near future, ^a share capital increase, which will preserve the interests of the existing shareholders, for an amount of approximately Ä125 million, subject to market conditions and to the approval from theFrench AutoritÈ des marchÈs financiers on the prospectus which will be prepared for this purpose. The main shareholders of FonciËre des Murs, members ^of the supervisory board, which hold

collectively 73.96% of the share capital, have indicated their intention to participate in the issue proportionally to their interest in the share capital. FonciËre des RÈgions has also indicated its intention to subscribe for the new shares which would not

have been subscribed at the end of the subscription period. This share capital increase aims at strengthening the shareholders^í equity of the Company and

financing its future growth projects.

About FonciËre des Murs in

des Murs SCA, ^a subsidiary of FonciËre des RÈgions, is specialised in business premises, especially the hotel, healthcare and retailpremises sectors. At December 31, 2011, the companyí^s assets were valued at Ä2.9 billion. The average length of leases is ⁸ years and the occupancy rate is 100% with top-tier tenants. Partner of leading companies of the business premises sector, FonciËre des Murs is headed by Dominique Ozanne,General Manager and Member of the Board of Directors of FonciËre des RÈgions.

des Murs

^CÈcile Boyer . General Secretary Tel.: +33 (0)1 58 97 54 47 cecile.boyer@fdr.fr

See this press release at www.foncieredesmurs.fr

Information This

press release does notconstitute an offer to sell or subscribe or ^a solicitation of an order to buy orsubscribe for securities in country. In France, securities may notbe offered absent ^a prospectus approved by the AutoritÈ des marchÈs financiers. The

distribution of this press release may be restricted in certain countries by applicable laws and regulations. Persons who are located in those jurisdictions and in which this press release is circulated, published or distributed must inform themselvesabout and observe such restrictions. The

securities that may be issued as part of this share capital increase have not been and will not be registered under the United Securities Act of 1933, as amended (the ´ Securities Act ª) and may not be offered or sold in the United States absent such registration or an applicable exemption from the registration requirements of the Securities Act. FonciËre des Murs does not intend to register any portion of the planned offering in the United States orto conduct ^a public offering of securities in the United States. This press release does not constitute ^a public offering of securities in the United Kingdom.. This press release is directed only at persons

who (i) are located outside the United Kingdom, (ii) have professional experience in matters relating to investments and fall within Article 19(5) (´ investment professionals ª)of the Financial Services and Markets Act ²⁰⁰⁰ (Financial Promotions) Order 2005, as amended (the ´ FSMA ª), (iii) are persons falling within Article 49(2)(a) to (d) (high net worth companies, unincorporated associations, etc.) of the FSMA or (iv) are persons to whom this press release may otherwise lawfully be communicated (all such persons together being referred to as ´ Relevant Persons ª). Any person other than ^a Relevant Person may notact or rely on this document or any provision thereof. Any investment or investment activity to which this presentation relates is available only to Relevant Persons and will be engaged in only with Relevant Persons. This press release may notbe published,forwarded or distributed, directly orindirectly, in the United States, Canada, Australia or Japan.