3M 2014

Revenues

A good start

to the year

Cisco

Issy les Moulineaux

Citroën – Paris 17

May 6, 2014

Le Patio - Villeurbanne CB 21, La Défense

Pégase - Clichy

1 – Key events of the period

2 – Operating performance

3 – Key takeaways

1- Key events of the period

Le Patio – Lyon-Villeurbanne

Foncière des Régions – 3M 2014 4

Strategic positioning

Offices

66%

German

Residential 15%

Other

10%

Hotels and

Service Sector 9%

€16bn in assets: 1 focus and 2 diversifications in solid and attractive markets

• A unique Partner and Key Accounts positioning

• Strong visibility of leasing revenue

• Development opportunities

• Positioning as market leader

• An impressive track record

• Supporting our partners' development

• An experienced German local platform (operating since 2005)

• Reversion potential to be harnessed

Opportunities for growth in rental income and in value creation

€10bn

in assets

Group share*

*After the disposal of the logistic portfolio - Appraisal values at the end of 2013

Foncière des Régions – 3M 2014 5

Markets update

• 507,000 sq.m. leased for Q1 (+19%)

• Net effective rents still under pressure

French Office Market

• France: €3bn for Q1 (+70%)

• Record volume level for Germany Residential (€4.7bn for Q1)

• Recovery in Italy

Investment Markets

• Low cost of capital and abundant liquidity

• Sharp decrease of Italian credit spreads

Financial Markets

Improved environment

Foncière des Régions – 3M 2014 6

Rental activity

• Several successes for CB 21

• A new lease signed for 3,500 sq.m.

• Two term sheets exchanged for 3,500 sq.m.

• Occupancy above 97%

• 12,800 sq.m DS Campus extension finalized

• 11,000 sq.m San Nicolao fully leased before delivery,

13.4-year lease (7.4-year firm), €5.4 million p.a.

• New turnkey development with B&B hotels: Romainville

CB 21 – La Défense

Quality portfolio attracts new tenants

CB 21, La Défense

DS Campus, Vélizy

San Nicolao, Milan

Foncière des Régions – 3M 2014 7

Portfolio

• Logistics: disposal agreement for €473 million

• French Offices: €50 million disposals – small assets in medium-size cities

• Italy: good progress for Q1

CB 21 – La Défense

Improved focus: 90% core vs 85% at the end of 2013

Higher quality of assets

Higher medium term LFL rental growth prospects

Garonor

Nollendorffstrasse, Berlin

Investments in our Core Markets

616 M€ Group share in disposals, in-line with appraisal values

• Offices/Key Accounts: €300 million developement capex on track for 2014

• German Residential: €80 million preliminary agreements signed

Group Share

Foncière des Régions – 3M 2014 8

Revenues Q1 2014

• Rental Income up 20%

• Slight positive LFL despite leases

renegotiated in 2013

• High occupancy rate at 96%

Focus Offices – France: +0.5%

Indexation: +0.9%

New leases: +1.0%

Renewed leases/End of leases: -1.6%

Rent

(€m)

Change

% €m

Change %

LFL

Occupanc

y rate

Firm residual

term of leases

years, end of March

Offices - France 61.6 -4.3% 0.5% 96.1% 5.6

Offices - Italy 29.3 -0.8% -0.7% 97.9%* 6.7

Offices 90.9 -3.2% +0.1% 96.6% 5.9

Hotels/Service Sector 11.7 -6.7% -1.8% 100% 6.9

Residential 29.0 n/a +1.9% 98.4% n/a

Logistics 13.5 -3.6% -1.4% 85.6% 3.1

Total 145.1 20.5% +0.1% 96.0% 5.7

*Core Only

Group Share

Foncière des Régions – 3M 2014 9

FDL Spin-Off

• Several steps (extraordinary dividend, share buyback…) to split FDL German and French Residential portfolios

• German Residential directly owned by Foncière des Régions with an unchanged economic exposure

• FDL listed subsidiary portfolio decreased from €3.3bn to €0.8bn

• Strategy is being pursued both in Germany and France

Improved flexibility and clarity

Listed entities

Foncière des Régions

€16bn /€10bn GS

FDL

€3.3bn /€2.0bn GS

German Resi

€2.5bn /€1.5bn GS

French Resi

€0.8bn /€0.5bn GS

Foncière des Régions

€16bn /€10bn GS

59.7%

German Resi

€2.5bn /€1.5bn GS

FDL French Resi

€0.8bn /€0.5bn GS

Before After

c.60%

Le Patio - Villeurbanne

3 – Key takeaways

Foncière des Régions – 3M 2014 11 11

Key takeaways from Q1 2014

Some positives regarding property markets

Good leasing activity in La Défense and in Milan

Solid Q1 2014 operating performance

Disposal of a €473 million non-core logistic portfolio at appraisal values

Improved flexibility and clarity after the FDL Spin-Off

A Good Start to the Year

+

Acceleration in Refocusing

=

A Stronger Strategic Positioning

Foncière des Régions – 3M 2014 12 12

Agenda

First half of 2014: July 24, 2014

Foncière des Régions – 3M 2014 13 13

Q1 2014 Turnover

(€ million)

100% Group Share

Q1 2013 Q1 2014 Change

(%) Q1 2013 Q1 2014

Change

(%)

Change

(%)

LFL*

% of

rent

Offices France 66.9 64.6 -3.5% 64.3 61.6 -4.2% 0.5% 42%

Offices Italy 58.1 57.6 -0.8% 29.6 29.3 -0.8% -0.7% 20%

Total Offices 125.0 122.2 -2.2% 93.9 90.9 -3.1% 0.1% 63%

Hotels & Service Sector 48.3 45.4 -6.0% 12.5 11.7 -6.7% -2.0% 8%

Total Offices - Key Accounts 173.3 167.6 -3.3% 106.4 102.6 -3.6% -0.2% 71%

Residential 0.0 48.8 n/a 0.0 29.0 n/a 1.9% 20%

Logistics 14.0 13.5 -3.6% 14.0 13.5 -3.6% -1.4% 9%

Total rent 187.3 230.0 22.8% 120.4 145.1 20.5% 0.1% 100%

Foncière des Régions – 3M 2014 14

Disclaimer

This document contains forward-looking statements and information. By their nature, these statements and information include financial

forecasts and estimates as well as the assumptions on which they are based, statements related to projects, objectives and expectations

concerning future operations, products and services or future performance.

Although the management of Foncière des Régions management believes that these forward-looking statements and information are

reasonable,

Foncière des Régions cannot guarantee their accuracy or completeness and investors in Foncière des Régions are hereby advised that

these forward-looking statements and information are subject to numerous risks and uncertainties that are difficult to foresee and

generally beyond the control of Foncière des Régions, so that the actual results and developments may differ significantly from those

expressed, implied or forecasted in the forward-looking statements and information. These risks include those developed or identified in

the public documents filed by Foncière des Régions with the AMF, including those listed in the “Risk Factors” section of the Reference

Document registered with the AMF on March 24, 2014.

30, Avenue Kléber

75116 Paris

France

Cisco – Issy les Moulineaux