SHAREHOLDER’SNEWSLETTER

N°10 2014

DIVIDEND TREND2014 DIVIDEND

€4.30/SHARE VS €4.20/SHARE IN 2013

SHAREHOLDER’S BASE AT THE END OF 2014

SHAREHOLDER’S INFORMATION

FINANCIAL AND EXTRA-FINANCIAL PERFORMANCE

2014 AWARDS

2 EPRA GOLD AWARDS

AGEFI BRONZE AWARD FOR CORPORATE GOVERNANCE

FRANCE GBC AWARDFOR STAKEHOLDERS RELATIONS

100

90

70

80

FONCIÈRE DES RÉGIONS SHARE PRICE PERFORMANCEBETWEEN 1 JANUARY 2014 AND 1 MARCH 2015:

+61.8%

HIGHLIGHTS2014IN A

NUTSHELL

Foncière des Régions and Crédit Agricole Assurances deliver the New Vélizy’ campus to Thales, 46,000 m2 in the centre of the Vélizy-Meudon area. This flagship project won the SIIC Trophy in the “Ville & Avenir” category.

Creation of an investment partnership, called “FDM Management”, to acquire hotels (premises and business assets) run by major operators in the sector: first transactions in France and Germany.

Foncière des Régions publishes its annual study: Office property and the attraction of French metropolises, conducted with approximately 1,000 employees and 500 directors of companies with more than 250 employees.

Foncière des Régions is pursuing its strategy in German Residential with the acquisition of residential portfolios in Berlin, Dresden and Leipzig, for €400 million.

Foncière des Régions, via its subsidiary Foncière des Murs, announces new strategic and structural partnerships with European Hotel leaders Meininger and NH Hotel Group.

Foncière des Régions successfully completed a bond placement for the amount of €500 million worth of seven-year, to pursuit its strategy of diversifying its sources of financing, lowering debt costs and extending debt maturity.

Foncière des Régions and Demathieu & Bard Immobilier are developing the future Bose France headquarters in St-Germain-en-Laye.

Foncière des Régions steps up its strategic refocusing with the disposal of almost 60% of its logistics assets, for €473 million.

Foncière des Régions receives two EPRA Gold Awards for the quality of its financial reporting (2013 Reference Document) and extra-financial reporting (2013 Sustainable Development Report).

Announcement of a new tenant partnership for Foncière des Régions with the acquisition of the “Liberté et Coupole” complex from Natixis in Charenton-le-Pont.

Launch of the Golden Tulip hotel within the new Euromed Center mixed use complex in Marseille.

44% PUBLIC

7% CRÉDIT AGRICOLE

GROUP

28% DELFIN GROUP

13% COVÉA

FINANCE GROUP

8% ASSURANCES

DU CRÉDIT MUTUEL

SHARE PRICE (€)

STOCK MARKET INFORMATION ISIN code: FR0000064578 Share code: FDR Where listed: Euronext Paris

Market: local securities Compartiment A Blue Chips-SRD

Area of activity: Real Estate Investment Trusts SRD : eligible Indices : MSCI, SBF120, Euronext IEIF “SIIC France”, CAC Mid 100, in the “EPRA” and “GPR 250” benchmark indicators for European REITs, as well as in the FTSE4Good, DJSI World and NYSE Euronext Vigeo (World 120, Eurozone 120, Europe 120 and France 20) ethical indices.

Foncière des Régions has been given a BBB-/stable rating by Standard & Poor’s

A PURE NOMINEE OR ADMINISTERED ACCOUNTIn either case, simply make your request through your broker or by free phone (in France) on 0826 109 119 (BNP Paribas Securities Services).

INDIVIDUAL SHAREHOLDER’S CONTACT Shareholders free phone number: 0 805 400 865 (calls free from a French landline)

E-mail : actionnaires@fdr.fr

JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPT. OCT. NOV. DEC. JANUARY FEBRUARY MARCH 2014 2014 2014 2014 2014 2014 2014 2014 2014 2014 2014 2014 2015 2015 2015

2% OTHER

BREAKDOWN OF PORTFOLIO BY COUNTRYIN VALUE

MESSAGE

CHRISTOPHE KULLMANNCHIEF EXECUTIVE OFFICER

AMBITION AND ANTICIPATION

A LOOK BACK OVER A BUSY YEARThe Office real estate market regained some of its strength. Capital flows didn’t weaken, but did qui te the opposite, confirming the increasing appetite of investors for this market. At the same time, we saw greater mobility amongst users – especially in the last quarter of the year – a clear signal that companies are looking further forward. For example, Thales, a company we now know well for being our partner for more than 10 years. We designed its new 46,000 m² campus at Vélizy-Villacoublay that we delivered at the end of 2014. We’re particularly proud of that success

In the w ider sense, we now have a significant Offices development pipeline in France and Italy. The ambition here is clear: to design and offer more attractive buildings for users in terms of their location, their real estate quality and their environmental performance. Our real estate strategy is the same for both countries: it is focused on demanding standards and built on long-term partnerships.

Foncière des Régions has the express

ambition of becoming a European leader in

all its markets.

Hotel real estate also attracted a lot of at tention dur ing the year with some significant projects, including a number in i t ia ted by Fonc ièr e de s Régions . This sector is going through a period of dynamic change, which is creating some excellent opportunities. We have continued our partnerships with the major hotel chains of Accor and Louvre Hotels Group, accelerated our investments in Europe with B&B Hotels in Germany, and entered into new partnerships with NH Hotel Group, Meininger and Motel One.

When we look at the eurozone economies, it’s impor tant to emphasise the good health of Germany, which confirms our decisions to expand in that countr y, especially in the Residential real estate market. Our involvement in the German Residential market reflects a strong con-viction that we first acted on in 2005 and we can rely on our German company Immeo AG for the management of the 41,000 housing units we own in profitable urban areas such as Berlin and Hamburg.

So to sum up, it was a very busy year for Foncière des Régions, and one in which it reinforced its position as a leading industry stakeholder with the determination to become European leader in each of its markets.

THE MAJOR CHALLENGES FOR 2015In 2 015 , Fonc ière des Régions w i l l progress even further towards achieving its ambitions, and intends to seize on new opportunities for growth in all its markets: Offices in France and Italy, the German Residential market, and Hotels throughout Europe. We have already committed investments totalling €1 billion for 2015. At the same time, we will also deliver nine Offices-France projects, all totally tailored to user demand. Lastly, we will continue to dispose of non-core assets as part of achieving our prime goal, which is to improve the quality of our portfolio. So in overall terms, we intend to make further progress on our past achievements with all the determination and professionalism for which we are known in all our markets.

The wider economy shows early signs of improvement for 2015, and the teams of Foncière des Régions intends to take every opportunity to work alongside our p ar tn er s in w r i t in g a n e w p a ge o f our shared real estate story.

WE ARE

EXPERTS IN REAL ESTATE

OUR EUROPEAN PRESENCE IS

UNIQUETHE BENCHMARK FOR EUROPEAN REAL ESTATE

TOTAL PORTFOLIO BREAKDOWN OF PORTFOLIO BY TYPE OF ASSET IN VALUE, GROUP SHARE

A KEY PLAYER IN REAL ESTATE

€16BN €10BN GROUP SHARE

A SUSTAINABLE AMBITION

SHARE OF GREEN ASSETS FRENCH OFFICE

IN VALUE

EPRA NAV RECURRING NET INCOME LOAN TO VALUE

€75.5/SHARE

€314.5MOR €5.03/SHARE

46.1%

SOUND FINANCIAL FUNDAMENTALS

97.1%

OCCUPANCY RATEGROUP SHARE

RENTAL INCOMEGROUP SHARE

€558M

FIRM RESIDUAL LEASE TERM

GROUP SHARE

5.8 YEARS

HIGH-PERFORMANCE REAL ESTATE INDICATORS

THE GERMAN RESIDENTIAL MARKET

EUROPEAN HOTELS

50%TARGET ACHIEVED 1 YEAR

AHEAD OF SCHEDULE

20142012

23.6%

2013

41.3%

2020

100%

2017

66%

TARGET

65% OFFICES

9% HOTELS

AND SERVICE SECTOR

17% GERMAN

RESIDENTIAL

9% OTHER

61% FRANCE

17% GERMANY

20% ITALY

A PIPELINE OF

€1.5BNOF PROJECTS

INCLUDING

€532  MALREADY COMMITTED

OFFICES IN FRANCE AND ITALY

REPRESENTING

3.7MILLION M2

€9.1BNTOTAL PORTFOLIO

THE BENCHMARK FOR OFFICE REAL ESTATE AND KEY ACCOUNT PARTNERSHIPS

€2.7BNTOTAL PORTFOLIO

A SOUND ECONOMY, HIGH-QUALITY HOUSING AND DYNAMIC LOCATIONS

€3.2BNTOTAL PORTFOLIO

EXPANSION IN SUPPORT OF HOTEL OPERATOR GROWTH