Q1 2015: Keep on delivering

CONTENTS

> KEY EVENTS OF THE PERIOD > OPERATING PERFORMANCE > KEY TAKEWAYS

FONCIÈRE DES RÉGIONS

Q1 2015

2

Key events of the period

Q1 2015

3

KEY EVENTS OF THE PERIOD

STRATEGIC POSITIONING A €10.7 billion1 GS portfolio (€17.3 billion at 100%) on buoyant markets

1 focus and 2 diversifications 62%

Offices (France 43%; Italy: 19%) > Sound fundamentals; market depth > Attractive yield; value-creating pipeline

€10.7 bn GS 18% Residential Germany

Non-strategic 7%

13%

> Sound economy; buoyant market > Organic growth and development potential

Hotels/Service sector > Leadership position; impressive track record > Attractive market; partnership logic

Recognised, responsive local platforms Residential, Hamburg

Vélizy-Meudon, Paris Region FONCIÈRE DES RÉGIONS

1 At

end-march 2015 post signed operations

Q1 2015

4

KEY EVENTS OF THE PERIOD

MAJOR AGREEMENT WITH TELECOM ITALIA Portfolio rented to Telecom Italia

2nd largest tenant

€1.7 bn of assets (€0.8 bn GS) 8.4% of the portfolio GS

(10% of the GS rental income) €117 m

6.7-year average firm lease maturity

of rental income (€57 m GS)

An agreement leading to 3 main improvements on asset and cash-flow quality

1

Milan

> +9 years of average firm lease maturity to 15 years Improved cash-flow visibility > 6.9% discount on the rents on average

2

Improved asset quality

3

Reduction of Telecom Italia exposure

> €38 million capex program on city center assets

(alongside with Telecom Italia)

> €126 million disposal of secondary assets

to Telecom Italia, at last appraisal values Naples

Reap the benefits of the partnership strategy FONCIÈRE DES RÉGIONS

Q1 2015

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KEY EVENTS OF THE PERIOD

FRANCE OFFICES: PURSUANCE OF THE PIPELINE Committed pipeline €518 million €309m delivered in 2015

62% Pre-let 71% for 2015 deliveries

Yield on cost > 7% Value creation > 10%

Delivery of Astrolabe in Euromed center, Marseille > 14,000m²; €38 million (€19 million GS); 35% let, at target rents (€250/m²)

Inauguration of Steel, Paris 16th district on May 6th > Refurbishment of 3,700m²; €36 million of investments; €600/m² target rents

Foundation stone of Silex 1: construction of 10,600m² > Key location: at the heart of La Part-Dieu

Silex 1, Lyon

Largest business district in Lyon of 1 million of m² of offices; vacancy rate Delivery in 2016: €47 million; €280/m² of target rents

FONCIÈRE DES RÉGIONS

Silex 1, Lyon

Q1 2015

6

KEY EVENTS OF THE PERIOD

DELIVERING IN GERMAN RESIDENTIAL Already €457 million of acquisitions signed (€266 million GS) > High-quality portfolios; prime locations; 25-30% reversionary potential; privatization potential > Pursuit of the strengthening in Berlin (€182 million) and in Dresden and Leipzig (€37 million) 1,486 units; €1,710/m² on average; 5.5% yield > First investments in Hamburg: €239 million (€138 million GS) High potential market driven by positive economic and demographic fundamentals 2,088 units; €1,860/m²; 5.5% average yield

Investments in the best locations of high rental growth potential cities > Localizations (blue spots) of the €182 million and €239 million investments in Berlin and Hamburg

Berlin

Rating ImmoScout24

Hamburg

€3.2 billion (€1.9 billion GS) of assets FONCIÈRE DES RÉGIONS

Q1 2015

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KEY EVENTS OF THE PERIOD

HOTELS: STRENGTHENING THE LEADERSHIP POSITIONING Major reinforcement in Hotels > Acquisition of 14.6% of Foncière des Murs (FDM): Foncière des Régions controls (as limited partner) and holds 43% of FDM > This transaction represents an investment of €432 million of assets > Positive impacts: Hotels/Service Sector represents 13% of the portfolio vs 9% at end-2014 High and secure profitability (100% occupancy rate; 94% operating margin; firm lease maturity of 6.7 years)

Acceleration of acquisitions in Europe: €277 million including €210 million in Germany > 22 B&B hotels in the largest cities in Germany: €128 million (€51 million GS), 18-year leases, 6.4% yield > 2 Motel One hotels in Berlin-Mitte and Frankfurt-Airport: €34 million (€15 million GS), 20-year leases > First investments in management contracts: €104 million (€18 million GS) €48 million in Germany with Louvre Hotels Group €56 million development with Accor at Paris-Charles-de-Gaulle Airport

Motel One, One, Berlin Motel Berlin FONCIÈRE DES RÉGIONS

B&B Hotel, Paris

Accor, Paris Region Q1 2015

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KEY EVENTS OF THE PERIOD

STABLE AND STRONG SHAREHOLDER STRUCTURE 13% Covea 8%

Success of the capital increase

Delfin 28%

> €255 million to finance ongoing investments > Participated in by all the large shareholders of Foncière des Régions

ACM Shareholder structure post capital increase

7%

Groupe Crédit Agricole

> 3,917,722 new shares (i.e. 6.2% of the share capital) 44% Public

Best-in-class governance, strengthened by the General Meeting > Nomination of Delphine Benchetrit as new independent Board Member > Upholding the rule 1 share = 1 vote > Adoption of all the resolutions with an average approval rate of 97% > 57% of independent members vs 50% in 2014; 36% of women members vs 29%; 29% of international members Delphine Benchetrit

Supporting the Group’s development and strategy FONCIÈRE DES RÉGIONS

Q1 2015

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Operating performance

Q1 2015

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OPERATING PERFORMANCE

Q1 2015 REVENUES: +1.1% AT €132.9 MILLION > Increase in the firm lease maturity: +1 year to 6.6 years with Telecom Italia agreement > Italy: negative impacts of Turin 2014 vacancy (disposal to the municipality under discussions)

Residual firm terms of leases post Telecom Italia agreement

Rental income (€m)

Change

Change on like-for-like basis

Offices - France

57.0

-7.4%

+0.3%

96.3%

5.1 years

Offices - Italy

27.2

-7.2%

-2.9%

95.4 %1

10.2 years

Offices

84.2

-7.3%

-0.8%

96.0%

6.6 years

Residential Germany

26.8

+10.1%

+1.3%

97.7%

N/A

Hotels/Service Sector

18.1

+55.5%

+1.1%

100 %

6.7 years

Other (French Resi.)

3.7

N/A

N/A

N/A

N/A

132.9

+1.1%

-0.1%

96.9%

6.6 years

Total

Occupancy rate

Positive indexation

+4.1 years of maturity -0.4% excl. Turin 2014 vacancy +2.9% in Berlin, Dresden and Leipzig +1.5% in Hotels including +2.2% for Accor portfolio

+1 year with Telecom Italia

Indexation: +0.7% Occupancy rate: -0.7% Renewals: -0.1%

Our diversifications outperform on rental growth FONCIÈRE DES RÉGIONS 1 Core

Q1 2015 portfolio

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Key takeaways

Q1 2015

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KEY TAKEAWAYS

KEY TAKEAWAYS FROM Q1 2015 Strengthening of our cash-flow visibility Telecom Italia agreement: +1 year at 6.6 years firm lease maturity for Foncière des Régions Strengthening of our strategic positioning €1.5 billion (€1.0 billion GS) of investments already signed including €1.2 billion of acquisitions Dynamic investment activity in Hotels and German Residential Resistance in our operating indicators Stable like-for-like rents; high occupancy rate

Silex 1, Lyon

Residential, Hamburg Motel One, Berlin

Via deOne, Pretis, Naples Motel Berlin

A good start to the year FONCIÈRE DES RÉGIONS

Q1 2015

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AGENDA

H1 2015 results: 23 July 2015

FONCIÈRE DES RÉGIONS

Q1 2015

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Q1 2015 TURNOVER

100%

Group Share

Q1 2014

Q1 2015

Change (%)

Q1 2014

Q1 2015

Change (%)

Change (%) LFL

% of rent

Offices France

64.7

60.3

-6.9%

61.6

57.0

-7.4%

0.3%

43%

Offices Italy

57.6

56.3

-2.2%

29.3

27.2

-7.2%

-2.9%

20%

Total Offices

122.3

116.6

-4.7%

90.9

84.3

-7.3%

-0.8%

63%

Hotels and Service sector

45.4

46.5

2.3%

11.7

18.1

55.5%

1.1%

14%

Residential Germany

41.1

44.5

8.3%

24.4

26.8

10.1%

1.3%

20%

208.8

207.6

-0.6%

127.0

129.2

1.8%

-0.1%

97%

7.7

6.1

-21.0%

4.6

3.7

-19.0%

na

3%

216.5

213.7

-1.3%

131.6

132.9

1.1%

-0.1%

100%

(€ million)

Total Strategic activities Other Total rents

Total rent does not take into account rental income from Logistics (€4.9 million), reclassified in 2014 as Discontinued Operations

FONCIÈRE DES RÉGIONS

Q1 2015

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Contact Paul Arkwright Tel.: +33 1 58 97 51 85 Mobile: +33 6 77 33 93 58 [email protected] FONCIÈRE DES RÉGIONS

Paris 30, avenue Kléber 75116 Paris Tel.: +33 1 58 97 50 00

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