Covivio — Earnings Release 2009

Nov 9, 2009

Release

Paris, 9 November 2009

des RÈgions: strong rental income at ³⁰ September ²⁰⁰⁹ 3.8% like-for-like)

FonciËre des RÈgions has an office-focused portfolio characterised by long leases and large tenants (France Telecom, EDF, Accor, Suez Environnement, Telecom Italia, etc.). This business model, as a real estate partner to large companies, gives FonciËre des RÈgions strong visibility in terms of revenue streams, as well as solid business fundamentals in terms of occupancy rates and the solvency of its tenants, despite a still-depressed economic climate.

Although office investors have seemed more active in recent months with tangible green shoots such as the return of foreign investors and insurers, an increase in the average size of transactions and an easing in real estate financing, the rental market is still lacklustre, although it does not suffer from serious oversupply. Groupshare revenue Ä488 ^m (+3.8% like-for-like).

In this context, consolidated revenues at ³⁰ September ²⁰⁰⁹ were ^Ä773 m. Group share revenue was 488 m, down slightly by 2.1% from the same period 2008, due to disposals that, were partially offset by an increase in shareholding 1 in Beni Stabili, by rental incomes up 3.8% like-for-like.

Group share (Äm)	9 Consolidated %			9 % Group share %
	months 2008 218.3	9 months 2009	Change - 10.6%	months 2008 210.4	9 months 2009	Change - 7.3%	like-for-like % Change	rental income 42%
France Office	159.7	195.1	- 0.1%	108.5	195.0	+ 7.4%	+ 7.7%	25%
Italy Office	378.0	159.5	- 6.2%	318.9	116.6	- 2.3%	+ 3.3%
Total Offices Logistics and business premises	72.5	354.6 69.6	- 4%	43.4	311.6 43.6	+ 0.4%	+ 6.0%	67% 9%
Service sector	148.5	148.3	- 0.1%	43.2	40.2	- 6.9%	- 3.3%	9%
							- 2.8%
Commercial property Residential	599.0 159.6	572.5 158.4	- 4% - 0.8%	405.5 61.7	395.4 61.3	- 2.0% - 0.7%	+ 4.0%	85% 13%
Others	43.2	41.6	- 4.0%	30.9	31.1	+ 1.0	+ 2.1%	-
	801,8		- 3.7%	498.1		- 2.1%	-	-
Total revenues		772.5			487.7		+ 3.8 %

¹ 73.08% stake in Beni Stabili at ³⁰ September2009 vs. 67.94% at 30September ²⁰⁰⁸ stake in FdM at ³⁰ September ²⁰⁰⁹ vs. 29% at ³⁰ Sep.ember 2008, following the sale of 4% in H1. Note

25%

Anonyme

also the consolidation by equity method of FDL as from ¹⁰ November ²⁰⁰⁹ following the company's change of status to SociÈtÈ (limited company)

^ñ France: Secured rents up 7.7% like-for-like

FonciËre des RÈgions continues to benefit from the security provided by the structure of its offices portfolio, largely from outsourcing operations to large corporates with relatively low economic risk whose assets are distributed throughout the main French cities.

Like-for-like, Offices France grew by 7.7% thanks to rentindexation, the effect of re-leasing over 2008 and occupancy rates remaining high. September-end 2008 saw 97.5% 2 (vs. 97.8% June-end 2009) while bad

debts remained steady and low.Following an agreement signed with France Telecom at ³⁰ June ²⁰⁰⁹ relating to, among others, the renewal of the leases of 108 assets, the average residual term of fixed leases was 4.7 years at 30 September 2009, compared to 3.3 years at 30 June 2009. As part of securing FonciËre des RÈgionsí rental income, asset management teams have over several

quarters progressively put specific leasing structures in place with our tenants, to limit the volatility of indexation. Consequently, 1/3 of rents today are indexed to a composite index (50% Cost of Construction Index and 50% CPI). Furthermore, 70% of Offices France rents cannot be subject to negative indexation. Ä191macquisition of offices in VÈlizy

During the 3 rd quarter of 2009, FonciËre des RÈgions acquired from MSREF 3 , the 50% remaining stake in the ^VÈlizy Campus Business Park, it did not own. FonciËre des RÈgions now has ^a 100% stake in this business park valued on ³⁰ June ²⁰⁰⁹ at Ä382 m. The site includes the headquarter of Dassault SystËmes (56,000 m², fixed lease until 2020, HQ^E building),

some buildings leased to Thales and Alstom (83,000 ^m²) and also has over 100,000 m²medium term development potential. This acquisition was based on a net initial yield of 7.7%. The average residual firm lease term is 8.5 years. Offices

^ñ Italy: High occupancy rate at 98% andgood visibility

Italy Office properties also benefit from a high occupancy rate (98% in the long-term portfolio). The like-forlike 3.3% increase in rents is attributable to indexation and some good achievements in asset management. Since the start of the year, close to 28,000 ^m² have been leased. Indicators show this real estate activity is

producing steady performance including average residual fixed leases remaining steady at 8.9 years (vs. 9 years at 30 June 2009), and improving occupancy rates - 98% at 30 September 2009.

Lastly, rental income from the Italy Offices portfolio, which is linked to inflation, cannot be subject to negative indexations. Asset

sale programmes 2009: Ä715m actual sales outstripping ²⁰⁰⁹ target of Ä500m

As part of its portfolio turnover policy, since the start of the year FonciËre des RÈgions has sold ^Ä715m of properties thereby beating the ²⁰⁰⁹ objective of Ä500m. These transactions were generally sold at prices in line with the appraised values at ³¹ December ²⁰⁰⁸ and represent an average 6.1% exit yield.Progress

on the FdR ²⁰¹⁰ Action Plan

At ³¹ December 2008, FonciËre des RÈgions launched the FdR ²⁰¹⁰ Action Plan aimed at increasing and securitising its earnings streams, while bolstering its balance sheet. This proactive initiative today allows FonciËre des RÈgions to seize opportunities in the consolidating real estate market, via new partnerships with some large tenants and some major investors.

² Excluding Carr^È Suffren, delivered end Q3 ²⁰⁰⁹

These action plans are focused on assets, financing and organisation. The key achievements realised after the interim financial statements are as follows: Signing of new leases and property sales following ^a major agreement signed with France

• in June 2009. As a result of this agreement, close to 80% of France Telecom properties are subject to sale or lease extension.
• Announcement of an acquisition and ^a strengthening of shareholder equity via the Ä267m acquisition of office buildings owned by Groupama and Predica in return for an issue of 3.9 million new FonciËre des RÈgions shares. Project to issue bonus equity warrants (BSA) for FonciËre des RÈgions shareholders.
• Potential equity issue representing potentially ^{Ä200 m} additional capital, under economic conditions similar to the issue of shares as part of the asset acquisition.
• FonciËre DÈveloppement Logementsí change to the status of ^a SociÈtÈ Anonyme (limited company) as part of its growth operations. Therefore, FDL will be consolidated under the equity method in the FY09 accounts. Confirmation

of the net recurring income growth target for ²⁰⁰⁹

Because of its unique positioning as an offices partner to large companies and the significant progress in its FdR ²⁰¹⁰ action plan, FonciËre des RÈgions remains confident that it will achieve its ²⁰⁰⁹ objectives in terms of net recurring income growth. ìOur real estate management indicators confirm thesoundness of our business model. FonciËre des RÈgions

continues to benefit from the quality of its portfolio of offices leased to large companies. We have also decided to go forward with ^a measured acquisitions policy to support our high cash flow generation andactive dividend policy" said Christophe Kullman, Chairman of the Supervisory Board.

presentation about this transaction is available the FonciËre des RÈgions website: www.foncieredesregions.fr A conference call dedicated to analysts and investors will

take place today at 5:45pm (Paris time) Financialschedule:

15 December 2009: EGM 18 February 2010 after market close: Release of 2009 financial statements (analyst and conference-call meeting scheduled for 19 February)

FonciËre des RÈgions

des RÈgions, real estate partner

FonciËre des RÈgions is ^a major listed real estate company with unique characteristics:

Real estate company focused on offices

Realestate partner to large companies (France Telecom, EDF, Accor, Dassault SystËmes, Suez

Environnement, Telecom Italia, etc)

Highly visible rental income

Strategy of continuous asset enhancement (property quality and efficiency, environmental performance, etc) ^A listed real estate investment company (SIIC), FonciËre des ^RÈgions successfully operates its business

model as a real estate partner in various business sectors (logistics, business premises, housing). FonciËre des RÈgions is listed on Euronext Paris Compartment ^A (FR0000064578 - FDR) and admitted to

the SRD. FonciËre des RÈgions shares are included in the composition of the MSCI, SBF 120, Euronext IEIF "SIIC Franceî, Euronext Mid, as well as the European real estate indices EPRA and the GPR 250. Keyfigures at ³⁰ June ²⁰⁰⁹

Ä15.8bn assets, of which Ä9.8bn group share

892 employees

7 regional departments in France, 2 expertise centres in Italy and 1 real estate management subsidiary in Germany

To learn more: www.foncieredesregions.fr

Investor

Relations

Philippe Le Trung Tel.: + 33 (0)1 58 97 52 04 philippe.letrung@fdr.fr ^SÈbastien Bonneton

Tel.: + 33 (0)1 58 97 52 44 sebastien.bonneton@fdr.fr

Relations Philippe Boyer Tel.: + 33 (0)1 58 97 52 23 philippe.boyer@fdr.fr