Covivio — Capital/Financing Update 2019

May 13, 2019

Paris, 13 May 2019

société anonyme incorporated in France registered with the Metz Trade Registry under No. B 364 800 060

€200,000,000 0.875 per cent. Convertible Bonds due 2021 (Borsa Italiana S.p.A "ExtraMOT - Professional Segment" ISIN XS1268574891)

Notice of adjustment of the Conversion Price following dividend distribution

Capitalised terms not otherwise defined in this notice shall have the meaning given to them in the terms and conditions of the aforementioned bonds (the Conditions).

In accordance with the Conditions, the Issuer hereby gives notice to Bondholders that, as a result of Extraordinary Dividend (in an amount determined in accordance with the Conditions) payable on 5 June 2019, to holders of Ordinary Shares of record on 14 May 2019, the Calculation Agent has determined that, effective on 13 May 2019, the Conversion Price is adjusted to € 112.1298 (previously € 118.0836).

Press Relations Géraldine Lemoine Tél : + 33 (0)1 58 97 51 00 geraldine.lemoine@covivio.fr

Laetitia Baudon Tél : + 33 (0)1 44 50 58 79 laetitia.baudon@shan.fr

Investor Relations Paul Arkwright Tél : + 33 (0)1 58 97 51 85 paul.arkwright@covivio.fr

Thanks to its partnering history, its real estate expertise and its European culture, Covivio is inventing today's user experience and designing tomorrow's city.

A preferred real estate player at the European level, Covivio is close to its end users, capturing their aspirations, combining work, travel, living, and co-inventing vibrant spaces.

A benchmark in the European real estate market with €23 Bn in assets, Covivio offers support to companies, hotel brands and territories in their pursuit for attractiveness, transformation and responsible performance.

Its living, dynamic approach opens up exciting project and career prospects for its teams.

Covivio's shares are listed in the Euronext Paris A compartment (FR0000064578 - COV) and on the MTA market (Mercato Telematico Azionario) of the Milan stock exchange, are admitted to trading on the SRD, and are included in the composition of the MSCI, SBF 120, Euronext IEIF "SIIC France" and CAC Mid100 indices, in the "EPRA" and "GPR 250" benchmark European real estate indices, EPRA BPRs Gold Awards (financial + Sustainability), CDP (A-), Green Star GRESB and in the ESG FTSE4 Good, DJSI World & Europe, Euronext Vigeo (World 120, Eurozone 120, Europe 120 and France 20), Euronext® CDP Environment France EW, Oekom, Ethibel, Sustainalytics and Gaïa ethical indices. Covivio is rated BBB+/Stable outlook by Standard and Poor's.