Covivio : 2022 – Shareholders Newsletter

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The Board of Directors -

The Board of Directors determines Covivio's strategic orientations and ensures their implementation. It is composed of fifteen members and two non-voting members.

Leonardo Del Vecchio

Vice-president of the Board of Directors

Romolo Bardin

DirectorJean-Luc Biamonti Independent directorChristian Delaire Independent director

Jérôme Grivet Permanent representative of PredicaStéphanie De Kerdrel Permanent representative of ACM VieChristophe Kullmann Chief executive officer of Covivio

Olivier Le Borgne Permanent representative of COVÉA COOPERATIONSAlix D'Ocagne Independent directorSylvie Ouziel Independent directorOlivier Piani Independent directorPatricia Savin Independent directorDaniela Schwarzer* Independent directorCatherine Soubie Independent director

*Subject to your approval at the General Meeting of 21 April 2022. Sigrid Duhamel's term will end on 21 April 2022.

Sergio Erede Non-voting memberAriberto Fassati Non-voting member

shareholders newsletter - covivio 03

Jean Laurent Chairman of the Board of Directors of Covivio

Dear Shareholders,

Volatility, uncertainty, complexity. This has been the hallmark of the world we live in for several years now. And recent events, whether related to health, climate or geopolitics, are a warning of a profound change of era. In this context, the real estate sector and Covivio must continue to reinvent themselves and be increasingly open, agile and innovative.

Covivio demonstrated resilience in 2021, a record year particularly in terms of commercialisation, and posted its best ever net income.

Aware of the climate emergency, Covivio has also stepped up its transformation to limit the impact of its business on the environment. We are ahead of our target and have raised our carbon trajectory ambition: we now plan to reduce our CO2 emissions by -40% by 2030 compared to 2010. Meanwhile, the Board has decided to set up a CSR Committee to assist it in its work.

Lastly, the acquisitions made in Germany in recent years and the strong value creation generated by our residential business in that country have now made Germany the leading country of exposure for Covivio. It therefore seemed essential to welcome a new director to the Board, Daniela Schwarzer, whose economic and political expertise in Germany will be invaluable for Covivio.

As reflected in our purpose, Covivio is committed to building sustai-nable relationships and well-being.

This mission, which guides each of our actions on a daily basis, is embodied in the Foundation we created in 2020, which focuses on two areas: equal opportunities and environmental protection. In 2021, the Foundation supported 12 projects in France, Germany and Italy. In 2022, we plan to step up our commitment and multiply our initiatives.

Alongside its partners and clients, Covivio strives every day to promote living real estate thanks to your support and renewed trust. For this, I thank you.

2021 was again a time of much upheaval. How did Covivio adapt to the situation?

To adapt to an ever-changing environment, we capitalised on our strengths and showed great agility.

Accordingly, in 2021 we transformed and developed our portfolio, which is worth €27 billion in Europe, and strengthened our development pipeline, which currently stands at €2.9 billion. Our projects, most of which involve existing assets, seek to offer increasingly flexible, efficient, connected spaces and services focused on comfort and well-being.

Once again this year, we worked closely with our stakeholders. We listened to their wishes and needs to offer them relevant, tailor-made solutions. This proximity allows us to create sustainable relationships, which we are committed to maintaining. This is illustrated by our occupancy rate of 95%. We apply the same approach to our teams: enabling our experts and talents to unfold their operational excellence and flourish at Covivio is a constant objective.

How do you view Covivio's excellent results for 2021?

2021 was a record year for Covivio, which performed well across all its businesses.

The value of our portfolio rose +4% on a like-for-like basis, driven by German residential and office developments.

Our operational activity generated excellent results throughout the year. While some predicted that the health crisis had sounded the death knell for offices, we signed a record 180,000 m2 of new rental commitments. The recovery of the hotel business in the second half also gave us a positive outlook with revenue growth of 27% on a like-for-like basis. Finally, our residential activity in Germany generated strong value creation.

In addition to these results and the quality of the portfolio, which is continuously improving with over 90% of our assets certified green in Europe, our clients' and partners' faith in our strategy is also growing.

"In 2021, Covivio performed across all of its businesses."

Christophe Kullmann

CEO of Covivio

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