INVESTOR

REPORT

Foncière des Régions is a holding company of

real estate investment companies that own

residential and commercial properties in 8

countries (mostly Europe).

Its business comes from the rental and leasing of properties

(including hotels, residential building and car lots) over

70% of which is office space in France and Italy.

FdR was created in 1963 as an operator of underground

garages/parking lots. Most growth happened in the 21st.

CONTACT

Finance

30, Avenue Kléber

75208 Paris France

investisseurs@fdr.fr

actionnaires@fdr.fr

www.foncieredesregions.fr

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OVERVIEW

In 2013 rental income (€526 million) came mostly from

the offices business segment (62%), German residential

(15%), hotel and service sector (8%) and other activities

(15% remaining). The occupancy rate is of 96.7%.

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The percentage of “Green

Building” is of 41.3%, and it will

grow up in next 4 years of

18.7%, as we can see on the

chart.

Divisions in order of size are:

Foncière

Développement Logements

Foncière des Murs

Foncière Europe Logistique

HIGHLIGHTS

In partnership with Crédit Agricole Assurances, Foncière des Régions acquired the future Campus Eiffage.

Launch of Cœur d'Orly, one of the major Grand Paris urban projects.

Launch of the Green Corner project in St-Denis.

Foncière des Régions and B&B Hôtels signed a partnership agreement for the development of nine new hotels in Germany.

Foncière des Régions increased its stake in its subsidiary Foncière Développement Logements and bolstered its position in the German residential market.

Foncière des Régions was awarded for the quality of its financial and extra-financial reporting through the EPRA Award Gold for its 2012 Reference Document.

Foncière des Régions was included in four of the NYSE Euronext – Vigeo indices.

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REAL ESTATE INVESTMENT STRATEGY

With an aggregate portfolio value of €16, Foncière des

Régions is now the recognised partner of companies and municipalities, which it supports in developing

property strategies.

With a strong presence in the Offices market and Key

Accounts, Foncière des Régions is active in the French profitable markets, and in the major metropolitan areas

in Italy, through its subsidiary Beni Stabili.

Foncière des Régions is also extending its business to two

other sectors in Germany:

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It has established reliable and long-term relationships with

its various stakeholders, tenants, municipalities, property

operators, investors, suppliers and others.

Residential Hotels & Service

PORTFOLIO

Foncière des Régions defines a dynamic and tailored

property policy has a dual objective:

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At the same time, the company constantly offers

buildings in sync with tenants’ needs.

It has a thorough understanding of all the business areas

of the property chain.

Using its partnership culture as a mainstay, Foncière des

Régions quickly established a sustainable development

roadmap based on high performance results, an

ambitious works program.

Designing the property world

of the future

Enhancing value to

existing portfolio

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Complexe Garibaldi DS Campus Carrè Suffren

BREAKDOWN PORTFOLIO

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WHAT ABOUT COMPETITORS?

INMOBILIARIA COLONIA

It has assets only in Spain

and France (only in Paris).

DEUTSCHE WOHNEN

It has mostly residential

assets in Germany

IGD

It has mostly retail assets in Italy

SACYR

It has investment only in

Spain

PATRIZIA IMMOBILIEN

It has investment mostly in

Germany

UNIBAIL RODAMCO

In the last year it was

registered an high volatility

of the stock price

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STOCK TECHNICAL ANALYSIS

22.34% return 1/1/2014 - 27/11/2014 from 62.75 to 76.77

against the -0.8% of the previous year.

Lower dividend this year, 2.926, for a div yield of 4.09%.

P/E 25.68, Eps 2.99. While in 2013 were distributed 4.2€ for

div yield of 7.05%. No need of attracting investor with

dividends.

Market β of 0.94 (average of sector 0.78). The company

is managed in an active way. The French market is in a

rising trend.

P/B of 1.17 against 1.74 of competitors. The market

recognizes the true value of the company, reflecting it in

the market price. There is an high performing

management especially respect to the competitors.

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PRICE TREND 2013-2014

RETURNS OF THE OTHER COMPANIES

INMOBILIARIA COLONIA

-0.53%, very weak reliability

of the investors in this stock

DEUTSCHE WOHNEN

+31.54% but they are fully

invested in Deutsche RE

market that had great profits

last year

IGD +0.95%

SACYR -19.21%

PATRIZIA IMMOBILIEN +54.66%, high market β

UNIBAIL RODAMCO

In the last year it was registered an high volatility

of the stock price 12

RATIO ANALYSIS

Analysis of the principal competitors based on their

financial ratios

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ASSET SIDE EQUITY SIDE

P/E EV/EBITDA P/B

BENI

STABILI IGD COLONIAL SACYR UNIBAIL DTS WOHNEN

PATRIZIA

IMMOBILIEN

P/E 0,00 57,67 0,00 0,00 13,92 18,91 12,96

P/B 0,49 0,40 2,14 1,91 1,31 1,06 1,30

EV/EBITDA 17,27 16,32 35,75 30,17 22,68 32,70 0,00

AVERAGE

P/E 14,78

P/B 1,23

EV/EBITDA 22,13

FONCIER DES REGION

P/E 11,53

P/B 0,91

EV/EBITDA 17,33

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THAT’S ALL FOLKS!

THANK YOU!

Davide Vioto 655191

Luca Laureti 656511

Francesco Desideri 659991

Rocco Ruggiero 661571

Alessandro Cudazzo 660901

Luca Straccini 661211